UKGC fines Ladbrokes Coral Group

As part of the settlement, GVC will pay £4.8 million as a financial penalty. Credits: bignewsnetwork.com
As part of the settlement, GVC will pay £4.8 million as a financial penalty. Credits: bignewsnetwork.com

Ladbrokes Coral Group will have to pay €6.5 million for past failings in anti-money laundering and social responsibility, according to the UKGC.

UK.- The UK Gambling Commission (UKGC) has revealed that Ladbrokes Coral Group registered systemic failings that led to a penalty package. The penalty includes a series of improvement measures that must be implemented by owner GVC and a €6.5 million payment.

An investigation from the UKGC found that between November 2014 and October 2017 the companies failed to put in place effective safeguards to prevent gambling harm and against money laundering. This failing continued after the companies merged and became Ladbrokes Coral Group, UKGC said.

As part of the settlement, GVC will pay €5.3 million as a financial penalty and will divest €1.2 million gained from customers as a result of its failings. “GVC will also review the top 50 customers for the years 2015-2017 to consider whether any further failings can be identified, and if so they will divest themselves of profit accordingly. GVC has committed to making a number of improvements to the business including overhauling its responsible gaming and customer interaction processes, retraining staff, and hiring new staff,” explained the UKGC.

Richard Watson, Commission Executive Director, said: “Decision-makers at gambling businesses need to invest in the welfare of their customers and the integrity of money being gambled with. These were systemic failings at a large operator which resulted in consumers being harmed and stolen money flowing through the business and this is unacceptable.”

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