It has been revealed this morning that William Hill Group has been fined £6.2m for a system of failures.
A UK Gambling Commission investigation has uncovered that between November 2014 to August 2016 the company failed to comply with anti-money laundering regulations, and also failed to comply with social responsibility regulations.
The investigations revealed that William Hill Group failed to mitigate risks, with ten customers having successfully deposited sums of money linked to criminal offences. These amounts resulted in a £1.2m gain for William Hill Group who failed to seek sufficient information to determine the source of funds or verify if the account holders were problem gamblers.
These deposits consisted of:
£654,000 deposited over a 9 month period by one customer with no checks made on the source of funds. The customer’s annual income was £30,000 per year.
£541,000 was deposited over 14 months. William Hill believed this customer to be earning £365,000 per year yet in reality the income was £30,000 per year with the gambling deposits being stolen funds from his employer.
£653,000 was deposited over 18 months by another customer. This did trigger alerts within William Hill’s system, however, the customer profile was never reviewed and the customer continued with William Hill for a further six months despite this.
£100,000 was deposited by another customer. William Hill contacted the customer and were happy for them to continue, despite failing to review the wider circumstances or behaviour or this customer.
A customer deposited £147,000 over 18 months with losses exceeding £112,000. William Hill’s only response during this period was two automated social responsibility emails.
The £6.2m fine consists of £5m for regulation breaches, plus they must hand over the £1.2m gained.Should victims of the criminal funds be identified they will be reimbursed.
External auditors will now be appointed to review the policies and systems within William Hill, and report any findings of educational value to the winder gambling industry.