Betting Business Fined Record £19.2M For ‘Alarming’ AML Breaches

Betting Business Fined Record £19.2M For ‘Alarming’ AML Breaches

BCL’s John Binns has been quoted in the Law360 article discussing the gambling regulator’s fines for subsidiaries of a large gambling company for “widespread and alarming” anti-money laundering and social responsibility failures.

Here is a short extract from the article*. If you wish to read the full article, please visit the Law360 website here.

“John Binns, partner and money laundering expert at BCL Solicitors LLP, said the commission applies anti-money laundering obligations, which legally apply only to casinos, to the whole sector.

“In practice, it can be hard to separate the social responsibility and AML angles,” Binns said. “The requirement to check on unusually rapid or high-stake gambling often covers both bases.”

He added that the problem worsens “if criminals get to know that a business doesn’t check properly and start using it more because there’s less risk of getting caught… Gambling will rarely be the most efficient way of keeping criminal money, let alone growing it. But if you’re a criminal that likes to gamble too, these rules are meant to stop you in your tracks.”

*This article was first published by Law360 on 30 March 2023.

John Binns is a specialist in proceeds of crime laws, cannabis regulation, sanctions, and tax investigations. He has extensive experience in financial crime, which also involves bribery and corruption, extradition, Interpol, fraud, market abuse, and the conduct of related civil proceedings. He is a prolific writer and speaker on a variety of topics.

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