UKGC Imposes Significant Fine on Corbett Bookmakers for Regulatory Breaches

UKGC Takes Action Against Corbett Bookmakers

• The UK Gambling Commission (UKGC) imposes a $890,000 fine on a land-based company in the UK.
• The firm is accused of lapses in anti-money laundering (AML) practices and social responsibility duties.
• The regulatory body expects Corbett Bookmakers Ltd to implement all suggested recommendations.

The United Kingdom Gambling Commission has taken enforcement action against the land-based bookmaker and gambling operator Corbett Bookmakers Limited, as announced in its latest update.

Significant Financial Penalty Imposed on UK Land-Based Business by UKGC

The UKGC, often referred to by its abbreviated title, has identified multiple violations by the penalized company, resulting in a fine amounting to L686,070, equivalent to approximately $890,000. This penalty follows the discovery of shortcomings in anti-money laundering and social responsibility protocols.

This fine is among the most substantial issued to a land-based entity, given that recent enforcement actions have predominantly targeted online operators.

Corbett Bookmakers Limited, which manages 36 establishments, has agreed to implement corrective measures, demonstrating its commitment to maintaining the highest industry standards and preventing future violations.

An integral part of this corrective process includes appointing an independent auditor to guide the company toward enhanced player protection and more robust AML practices. Meanwhile, the UKGC has detailed specific regulatory breaches by the company.

In one incident, a customer who wagered L23,674 over 13 days was not adequately assessed for potential gambling harm. Another situation involved a consumer placing 56 bets and incurring a loss of L3,523 within four hours, which the regulator identified as another instance of social responsibility negligence.

Additionally, there was a case where a player bet L47,416 and lost L6,741 over ten weeks, yet the business failed to conduct necessary checks, as reported by the UKGC in its official statement on the matter. Commenting on the situation, Commission Director of Enforcement John Pierce noted that the company neglected to adhere to crucial regulatory requirements.

Seriousness of AML and Social Responsibility Lapses

‘As a consequence, the company will not only face a hefty fine but also undergo a comprehensive audit to ensure complete adherence to anti-money laundering and safer gambling regulations,’ Pierce remarked.

Regarding AML shortcomings, the regulator highlighted a case where the company did not take action in a situation involving a player who wagered L47,000 and lost L14,000 over eight months, without verifying the source of funds.