Bet365 fined by British Gambling Commission for money laundering, vulnerable customer failures [Video]

The online gambling firm run by Britain’s best-paid woman has been fined £582,120 ($1.1 million) after failing to prevent potential money laundering and protect vulnerable customers.

Bet365, controlled by billionaire Denise Coates, did not carry out meaningful checks on high-risk punters, according to the British Gambling Commission.

The watchdog added Bet365 had not carried out financial sanctions checks on new customers, failed to make independent verification checks, and relied too heavily on customers’ annual self-verification of their identities.

The fine, which follows an investigation by the commission in March 2022, comes as Bet365 faces a financial crime investigation in Australia.

The Australian Transaction Reports and Analysis Centre (AUSTRAC) watchdog is examining allegations it broke anti-money laundering …