British Gambling Commission warns bookmakers to be alert for suspicious bets during Cheltenham
The regulator has issued a warning to on-course bookmakers.
UK.- The British Gambling Commission has issued a reminder to on-course bookmakers to be vigilant during Cheltenham Festival. It advised operators to remember their responsibilities, particularly in relation to the prevention of money laundering and handling large amounts of cash.
The Cheltenham Festival began yesterday (March 10). The four-day annual horse racing event is held at Cheltenham Racecourse in Gloucestershire. Known as the pinnacle of National Hunt racing, it features top-tier races, including the prestigious Cheltenham Gold Cup.
The Gambling Commission reminded operators that all licensees must address money laundering and terrorist financing risks by following appropriate policies, procedures, and controls to mitigate against their business becoming a source of crime.
LCCP Condition 12.1.1 Anti-money laundering – Prevention of money laundering and terrorist financing places an obligation on gambling operators to be alert to attempts by customers to gamble money acquired unlawfully, either to attempt to ‘clean up’ money or simply to use criminal proceeds to fund their gambling.
The regulator also reminded operators of their obligations to report any suspicions when they have concerns around activity or transactions they may encounter on-course as required under LCCP Condition 15.2.1 – Reporting key events and LCCP Condition 15.1.2 Reporting suspicion of offences etc. – betting licences.
John Pierce, the Gambling Commission’s Director of Enforcement, said: “Cheltenham Festival is an exceptionally busy period, and while the vast majority of on-course betting is entirely legitimate and part of people enjoying their racing experience, licensees should continue to ensure that their written policies, procedures, and controls remain robust and effective in practice, and that they remain vigilant to guard against counterfeit currency and criminal proceeds entering the gambling system.”
