🎰 Ladbrokes Betting & Gaming Limited

Action Details:

This investigation followed a compliance assessment and resulted in the commencement of a section 116 regulatory review1 of Ladbrokes Betting & Gaming Limited (LBG). The regulatory review found failings in LBG’s processes which were aimed at preventing Money Laundering (ML) and safer gambling.Between December 2019 and October 2020 LBG failed to comply with certain Licence Conditions and Codes of Practice (LCCP), specifically:paragraphs 2 & 3 of licence condition 12.1.1 – Prevention of money laundering and terrorist financingparagraphs 1 & 2 of Social Responsibility Code Provision (SRCP) 3.4.1 – Customer Interaction.Taking into account remedial action taken by LBG and in line with our Statement of principles for licensing and regulation, LBG will voluntarily divest itself of £212,849.86 and pay £2,787,150.14 in lieu of a financial penalty resulting in a total payment of £3,000,000.More information about this case can be found on the Commission’s website.