Regulatory body UKGC imposes penalty of £660,000 on Corbett Bookmakers Limited

Regulatory body UKGC imposes penalty of £660,000 on Corbett Bookmakers Limited

Gambling Commission Slaps Land-Based Business with Hefty Fine

UK Gambling Commission cracks down on Corbett Bookmakers LtdCompany found guilty of Anti-Money Laundering (AML) and social responsibility breachesUKGC orders Corbett Bookmakers to implement recommendations to prevent future mistakes

The British Gambling Commission (BGC), known for its hard-hitting approach, has laid down the law on land-based gambling operator Corbett Bookmakers Limited. The BGC recently announced severe consequences, including a whopping $890,000 fine, for the company's repeated transgressions of AML and social responsibility regulations.

BGC serves up a hefty penalty for ignorant compliance

In its latest crackdown, the BGC imposed one of the highest penalties ever on a land-based business. This action comes as most recent enforcement actions have focused on online businesses. It appears that land-based businesses should not rest on their laurels either.

Corbett Bookmakers Limited, which manages a total of 36 venues, has agreed to abide by a series of corrective measures designed to raise their game in the industry. These steps demonstrate Corbett Bookmakers' commitment to achieving the highest industry standards and ensuring they don't repeat past mistakes.

These measures involve hiring a third-party auditor who will help the company achieve higher standards of care for players and safer AML practices. The BGC outlined various cases of non-compliance by the business.

In one instance, a player who staked £23,674 in less than two weeks, exhibiting signs of potential gambling addiction, was not appropriately vetted. The BGC found another case of a consumer who suffered losses of £3,523 in a mere four hours, which again underscores a lack of social responsibility.

The regulator also flagged a case involving a player who lost £6,741 over the course of ten weeks yet was once again not assessed for potential gambling harm [1][4]. John Pierce, Commission Director of Enforcement, noted that the company failed to uphold critical regulatory measures [2].

AML and Social Responsibility shortcomings need prompt attention

"The business's disregard for these essential pieces of regulation will not only result in a significant fine but will also require a comprehensive audit to ensure full compliance with anti-money laundering and responsible gambling measures," Pierce said [2].

Money laundering pitfalls were evident when the company let a player wagering £47,000 and losing £14,000 over eight months go through without verifying their funds [3][4].

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The BGC demands that operators be proactive in their compliance efforts rather than reactive. Highlighting this expectation, they require Corbett Bookmakers to enhance their customer due diligence, improve transaction monitoring systems, strengthen staff training on AML and social responsibility, adapt to emerging AML risks, and demonstrate a proactive compliance culture [3][4].

Sources:1. Covers - https://www.covers.com/news/uk-gambling-commission-fines-corbett-bookmakers-686070-anti-money-laundering-aml-failures2. UKGC - https://www.gov.uk/government/news/corbett-bookmakers-limited-fined-for-failing-in-anti-money-laundering-and-social-responsibilities3. Gambling News - https://www.gamblingnews.com/news/uk-gambling-commission-cracks-down-on-corbett-bookmakers4. iGaming Business - https://igamingbusiness.com/uk-gambling-commission-imposes-890k-fine-on-corbett-bookmakers-for-aml-and-safer-gambling-failures/

1. The penalty imposed on Corbett Bookmakers Limited, a land-based gambling operator, serves as a reminder to the industry that even traditional businesses are under the watchful eye of the UK Gambling Commission (BGC).
2. The BGC has emphasized the importance of anti-money laundering (AML) and social responsibility regulations in the gambling industry, with land-based businesses not exempt from the oversight.
3. Corbett Bookmakers Limited, which operates 36 venues, has agreed to implement corrective measures to address their AML and social responsibility breaches.
4. The range of measures includes enhanced customer due diligence, improved transaction monitoring systems, and proactive compliance culture, as well as addressing the need for more thorough staff training on AML and social responsibility issues.
5. The BGC's crackdown on Corbett Bookmakers highlights the requirement for operators to go beyond mere compliance with regulatory measures, focusing instead on being proactive in their efforts.
6. The regulator has pointed out several instances where Corbett Bookmakers failed in their responsibilities, including a lack of adequate vetting for a customer who exhibited signs of potential gambling addiction and a failure to monitor a high-stakes player's losses over an extended period, which could indicate money laundering activities.
7. The UKGC's actions underscore the ever-present need for responsible gambling within the industry, emphasizing a duty of care towards players and a firm stance against money laundering practices.
8. As gambling trends continue to evolve, with online gambling and sports betting gaining popularity, it is crucial for industry personnel, from casino-and-gambling personalities to bookmakers and players, to embrace responsible-gambling practices and maintain a vigilant approach to AML regulations.

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