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UK online casinos face money laundering probe UK online casinos face money laundering probe
(about 7 hours later)
Online casino operators are failing to prevent money laundering and protect problem gamblers, the Gambling Commission has warned.Online casino operators are failing to prevent money laundering and protect problem gamblers, the Gambling Commission has warned.
It expressed "significant concerns" in a letter to all 195 UK operators and warned them to review procedures. It has written to all 195 UK operators and warned them to review procedures.
The commission said many were unable to spot signs of financial crime and compulsive gambling. Many were unable to spot signs of financial crime and compulsive gambling, it said.
An investigation has begun into 17 companies, with five under licence review. It is investigating 17 companies, with five under licence review. If a company loses its licence, it would no longer be able to operate in the UK.
If a company loses its licence, it would no longer be able to operate in the UK. None of the operators under investigation has been named by the regulator.
'Vital action''Vital action'
A third of all gambling in the UK now takes place online. A third of all gambling in the UK now takes place online, and the industry is worth billions of pounds.
But despite the high numbers, BBC business correspondent Jonty Bloom said the commission found evidence that customers whose gambling was becoming compulsive were not being followed up. But the commission is concerned that customers whose gambling is becoming compulsive are not being followed up.
He also said that some staff had little idea of how to spot money laundering - or, in some cases, even what it was. It reviewed a large number of customer accounts and found "potential signs of problem gambling based on consumers' gambling pattern and spend", it said.
In its letter, the commission said all companies should ensure staff are trained in the law and that operators should carry out risk assessments - such as monitoring and risk profiling of customers. "In many cases, however, this behaviour did not trigger a customer interaction," it said.
Sarah Harrison, chief executive of the Gambling Commission, said the organisation was taking action to make the market "fairer and safer" and it would be "relentless in turning that vision into reality." It also said that some staff had little idea of how to spot money laundering - or, in some cases, even what it was.
All companies should ensure staff are trained in the law, and they should all carry out risk assessments - such as monitoring and risk profiling of customers - it said.
The commission's chief executive Sarah Harrison said the organisation was taking action to make the market "fairer and safer".
She added: "It is vital that the gambling industry takes its duty to protect consumers and keep crime out of gambling."She added: "It is vital that the gambling industry takes its duty to protect consumers and keep crime out of gambling."