Following the record £17m fine of Entain by the Gambling Commission for social responsibility and anti-money laundering (AML) failures, we have a comment from the UK’s leading provider of anti-money laundering software, SmartSearch. I do hope it’s of interest for your reporting today:
Martin Cheek, managing director at SmartSearch, said: “The commission has been open about its mission to crack down on AML breaches and this eye-watering, record fine is a clear measure of its intent.
“Not only is the fine significant, but the naming and shaming of Entain and its brands Ladbrokes, Coral and Foxy Bingo is a forceful reminder of the reputational damage that accompanies such breaches.
“Most crucially, Entain’s AML breaches came mainly from a lack of due diligence – particularly failures to check sources of funds, failures to carry out robust know your customer checks and a reliance on flawed open-source searches when checks were made.
“These failures should be a wake-up call to all regulated firms to ensure that their AML procedures are robust and serve as a reminder that electronic verification of customers is the most effective way for regulated companies to manage their compliance risks quickly, responsibly and effectively.”