A fine of £630,000 has been imposed on betting exchange company Smarkets by Great Britain's Gambling Commission for anti-money laundering breaches.
The commission had identified a number of AML and social responsibility failings by the operator, including allowing a player to deposit £395,000 without any checks.
Players were able to gamble without the company making the regulatory inquiries into their ability to afford to play and at the same time Smarkets did not identify and work with customers who were clearly at risk of harm.
Said Sarah Gardner, deputy CEO of the Gambling Commission: “Our investigation into Smarkets unearthed a variety of failures where customers were put at risk of gambling harm.
“It was obvious that poor systems and processes were in place which contributed to these breaches, driven by the company’s failure to effectively implement its policies and controls.”
