02 Aug 2019
Stolen money flowed through the bookmaker’s business and consumers suffered harm due to substandard safeguards, the gambling industry watchdog said on Wednesday.
The Gambling Commission laid out a host of failings at Ladbrokes Coral over a three-year period up to November 2017, including allowing one customer to spend £1.5m without ever being asked to prove the source of their funds.
Despite the large amount of money wagered by the customer and signs that they had a gambling problem, Coral did not make any social responsibility checks, the commission said.
The customer had displayed signs of problem gambling including logging into their account an average of 10 times a day and losing £64,000 in one month alone.
Gambling companies are required to check that customers are not depositing stolen money and to make enquiries where patterns of play suggest problem gambling or financial difficulty.
By Ben Chapman, The Independent, 31 July 2019
Read more at The Independent
Count this content towards your CPD minutes, by signing up to our CPD WalletFREE CPD Wallet