Betway to pay record £11.6m after Gambling Commission finds VIP customer failings

first_img UKGC hails ‘delivered efficiencies’ of its revamped licence maintenance service  August 20, 2020 Share ESI Digital – No Drama Please… Esports growth should be treated as business as usual  August 20, 2020 Betway and Dafabet grow La Liga sponsorship portfolios August 14, 2020 Related Articles Submit StumbleUpon After a Gambling Commission investigation, online gambling operator Betway has agreed to pay £11.6m, alongside implementing a package of measures, for a series of social responsibility and money laundering failings linked to dealings with seven of its high spending customers.The regulator said that in one instance, the operator had failed to carry out source of funds checks on a ‘VIP’ customer who deposited over £8m, and lost over £4m, during a four-year period. In another, Betway failed to carry out effective social responsibility interactions with a customer who deposited and lost £187,000 in two days.Betway will pay a total of £11.6m consisting of £5.8m payment in lieu of a financial penalty, which will be directed towards delivering the National Strategy to Reduce Gambling Harms, and will divest a total of £5.8m, the majority of which to go to victims where it has been found, or could reasonably suspected to be, proceeds of crime. That latter figure could rise under a review of Betway’s top 25 customers for each year over the period.Richard Watson, Executive Director at the Gambling Commission, said: “The actions of Betway suggest there was little regard for the welfare of its VIP customers or the impact on those around them.”He said that the case illustrated why operators’ management of high value customers must change, and why the industry must do everything to interact with customers responsibly.“As part of our ongoing programme of work to make gambling safer we are pushing the industry to make rapid progress on the areas that we consider will have the most significant impact to protect consumers. The treatment and handling of high value customers is a significant piece of that work and operators are in no doubt about the need to tackle the issue at speed.“We have set tight deadlines for when we expect to see progress and if we do not see the right results then we will have no choice but to take further action. This case highlights again why progress needs to be made.”The investigation found that as a result of a lack of consideration of individual customers affordability and source of funds checks, the operator allowed £5.8m of money to flow through the business which has been found, or could reasonably be suspected to be, proceeds of crime. The majority of this money will now be divested and returned to victims. The regulator probe also revealed inadequate management oversight, and investigations into responsible Personal Management Licence holders are ongoing.Betway has also committed to the following:An independent review of current policies and processes, its operation, resourcing, quality control and oversight.A compliance led review of all current / active UK customers who have not been reviewed in the past six months and review applying its current processes for Anti-Money Laundering and social responsibility.  It will dip-sample to test the robustness of the review.A full assessment of its top 25 customers by GGY and top 25 customers by deposit for years 2015, 2016, 2017 and 2018 to consider whether any of the failings identified are evidenced and if so, to divest the GGY where appropriate.Review any new high or higher risk customers as may be identified by the Commission.  Any recommendations arising out of these reviews will be fed back into the improvements that could be made to current processes and dealing with divestment.A review of the next 12-month compliance development road maps.Ensure that all personal management licence holders, senior management and key control staff undertake outsourced Anti-Money Laundering and social responsibility training.Gambling Commission Chief Executive Neil McArthur set the industry tough challenges last October as part of a drive to make gambling in Britain safer. One of those focused on the incentivisation of high value customers. Industry-led working groups, supported by the Betting and Gaming Council, are also focusing on ethical game design and the use of advertising technology.The previous largest penalty packages saw 888 pay over £7.8m for failing vulnerable customers, Daub Alderney pay £7.1m fine for anti-money laundering and social responsibility failures, William Hill pay £6.2m penalty package for systemic social responsibility and money laundering failures and Ladbrokes Coral Group pay £5.9m for past failings in anti-money laundering and social responsibility. Sharelast_img read more

#Donkomi: Bernard Arthur completes Hearts of Oak move [VIDEO]

first_imgHearts of Oak have completed the signing of former Ghana U-17 forward Bernard Arthur.The ex- Liberty Professionals striker has signed a long term deal with the NC Special Tier 1 semi finalists.In yet another eye catching announcement video released on their official twitter handle, the Phobians expressed their delight at securing the signature of the 22 year old, who also described the move as a dream come true.last_img

Candidates spar at first presidential debate in Costa Ricas 2014 campaign

first_imgSolís and Piza both said the quality of leadership was key to addressing corruption. The PAC candidate said that it was not the law that needed reforming so much as the example set by politicians and public employees.Every other candidate agreed that citizens should be more involved in keeping the government transparent and fair, but there were few details about how such public oversight would work in practice. Guevara, Solís and Villalta echoed similar proposals.Rising inequality and stagnant poverty rates have dogged Costa Rica in recent years. The country’s poverty rate remains at 20 percent and upwards of 40 percent for children, despite expanded spending on social programs.Piza and Guevara both agreed that there were too many people on the government dole who didn’t need financial support, and the Libertarian candidate went so far as to suggest that the rolls of those on public assistance should be published and easily accessible online.Villalta criticized the neoliberal trend in government as a “factory of poverty” that misplaces its trust in privatization, while Guevara and Piza said that economic growth was the greatest guarantor of human development.Addressing poverty and inequality transitioned into fortifying public education and restarting the domestic economy. Solís pointed out that strong public education in the 19th century helped give Costa Rica a leg up on other countries in the region and that it was unacceptable that recent budget proposals would consider cutting funds for higher education.Solís, Araya and Corrales focused on the need for an expanded role of development banks that focus on extending credit to small and medium-sized businesses.Villalta and Solís added that there needs to be more support for poor, working mothers to be able to finish their schooling, namely through public daycare.When Guevara said that he wanted Costa Rica’s higher education system to tailor itself to the needs of the economy as a mechanism to create jobs, other candidates bristled at the idea of interference with the autonomy of the country’s universities.“I believe that the end of education is happiness, not money,” opined Corrales to cheers from the audience.The environment ended up being one topic that most candidates saw eye to eye on. Every candidate acknowledged climate change as a reality and focused on moving the country away from fossil fuel consumption.Guevara was the only candidate to mention exploring for natural gas in Costa Rica as a cleaner fuel source for public transportation vehicles during his allotted time, but Araya had previously expressed his support for the hydrocarbon.According to the CIEP poll results, Araya leads the pack with 24.6 percent, followed by Guevara and Villalta at 9.9 and 9.7 percent, respectively, while Solís (4.2 percent) and Piza (3 percent) trail behind. Corrales was listed in the 1.3 percent of voters who supported other candidates. Forty-seven percent of Ticos said that they were still undecided on how they would vote in the Feb. 2, 2014 election.    Facebook Comments In a marathon debate that lasted more than four hours, Costa Rica’s presidential candidates met face to face for the first time to convince Ticos that they are the right choice to lead the country. While frontrunner National Liberation Party (PLN) candidate Johnny Araya remained aloof for much of the debate, second place contenders Otto Guevara of the Libertarian Movement Party (ML), and José María Villalta of the Broad Front Party (FA) drove the debate.Experts from the National University in Heredia crafted questions for the six candidates, Johnny Araya, José Miguel Corrales (PN), Otto Guevara, Rodolfo Piza (PUSC), Luis Guillermo Solís (PAC) and José María Villalta, ranging from corruption, poverty, employment, education and the environment.Guevara and Villalta, tied for second place in the latest poll from the University of Costa Rica’s Center for Political Studies and Investigation (CIEP), offered radically different visions for the country. Their distinct platforms and ability to wax about the debate’s topics kept viewers attention in an otherwise crowded presidential field. Compared to the moderate PLN, the next two contenders are by far the most ideologically driven candidates, albeit from different ends of the political spectrum.On the subject of corruption, the libertarian trumpeted his slogan, “Donde hay permiso, hay chorizo,” where there is regulation, there is graft, attributing “excessive” government regulation as one of the main generators of corruption in the government. But Villalta shot back, asking why it was that only government officials were being held accountable when private businesses make up the other half of the same coin.Araya returned to the PLN’s need to re-establish its legitimacy as the representative of the people’s interests as Liberation approaches the end of eight consecutive years at the helm of the government. Araya said “citizens need to be brought into the government,” and offered a citizen oversight board for public spending and public works projects as one way to improve transparency and accountability. Alberto Font No related posts. Left to right, Otto Guevara, Rodolfo Piza, and Luis Guillermo Solís. Piza started his campaign for the presidency on Oct. 12 after the Unity Party’s original candidate dropped out of the race at the beginning of the month. last_img read more