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UK online casinos face money laundering probe | UK online casinos face money laundering probe |
(35 minutes 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 has written 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. |
Many were unable to spot signs of financial crime and compulsive gambling, it said. | Many were unable to spot signs of financial crime and compulsive gambling, it said. |
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. | 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. |
None of the operators under investigation has been named by the regulator. | 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, and the industry is worth billions of pounds. | A third of all gambling in the UK now takes place online, and the industry is worth billions of pounds. |
But the commission is concerned that customers whose gambling is becoming compulsive are not being followed up. | But the commission is concerned that customers whose gambling is becoming compulsive are not being followed up. |
It reviewed a large number of customer accounts and found "potential signs of problem gambling based on consumers' gambling pattern and spend", it said. | 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 many cases, however, this behaviour did not trigger a customer interaction," it said. | "In many cases, however, this behaviour did not trigger a customer interaction," it said. |
It also said that some staff had little idea of how to spot money laundering - or, in some cases, even what it was. | 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. | 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". | 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." |
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