Online sports betting operator, 10Bet, has agreed to a settlement with the UK Gambling Commission for alleged Anti-Money Laundering (AML) and social responsibility failures. The company will pay £6.5m to the UK regulator and undergo an extensive review of its business practices to ensure compliance with the UK's gambling laws and regulations.
The settlement follows an investigation by the UK Gambling Commission into 10Bet's AML and social responsibility procedures. The regulator found that the company had failed to carry out proper customer due diligence and had not implemented effective policies to prevent problem gambling. As a result, the regulator imposed a hefty penalty on 10Bet and ordered the company to take corrective action.
This settlement marks the latest in a series of enforcement actions taken by the UK Gambling Commission against operators found to be in breach of the country's gambling laws. The regulator has been taking a tough stance on AML and social responsibility failures in recent years, and the penalties for non-compliance can be severe.
The settlement also highlights the importance of robust AML and social responsibility procedures for online gambling operators. With the growth of online gambling, it is vital that companies take proactive steps to prevent problem gambling and money laundering. This settlement serves as a reminder to operators of the importance of investing in effective compliance programs to protect both their customers and their businesses.