By Daniel Woolfson and Chris Price
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.
Denise Coates is the richest self-made British woman.Credit: PA
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 …