Following a police investigation, the Gambling Commission (“the Commission”) became aware of potential weaknesses in anti-money laundering and social responsibility controls put in place by a number of operators one of which being Coral Racing Limited (“Corals”). As a result of the challenges faced by the operator, they have agreed that the learning from this exercise should be shared with the industry more widely. This covers:
- Ensuring commercial imperatives do not “crowd out” management of regulatory risk
- Ensuring that information sources are appropriate and effective in identifying regulatory risk (eg potential money laundering, problem gambling) and are acted upon
- Linking information across different outlets, products and platforms.
Matthew Hill, Director Regulatory Risk and Analysis, Gambling Commission, said:
“These events demonstrate the need for Boards, however committed, to ensure their controls on money laundering and problem gambling are effective on the ground.
These cases, and others like them, suggest that there are industry-wide vulnerabilities that need to be tackled as a priority.
The Commission is grateful for the assistance of Durham constabulary and the full cooperation of Coral Racing Limited in this case”
Link to the full public statement: click here