Despite Record Fines, UK Gaming Firms Still Do Not Vet Client Funds: Regulator

By Koos Couvée

Casinos in the United Kingdom frequently expose themselves to money laundering risks by not verifying the source of patrons’ income, U.K. regulators claimed Thursday. In a 29-page report, the Gambling Commission noted common weaknesses in anti-money laundering programs throughout the U.K. casino sector, reiterated its concern over longstanding compliance vulnerabilities in online gaming firms and warned that the current regulatory strategy of imposing increasingly costly financial penalties in response to such violations will continue. Among the chief vulnerabilities listed in the report, which covers April 2017 through March of this year, are that many casinos neither vet funds from clients...