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Caesars Entertainment found guilty in money laundering; charged with £13m

Caesars Entertainment found guilty in money laundering charged with 13m


Caesars Entertainment UK, the casino operator, has been penalised £13m for a string of social responsibility and money laundering failures by the Gambling Commission. The penalty is the largest imposed to date.
"Serious systematic failings" were found by the regulator at Ceasers, which runs 11 casinos in the United Kingdom.
The Commission chose to focus on the "VIP" customers between the period of January 2016 and December 2018.
The VIP schemes reward patrons who bet large sums. The Gambling Commission and betting firms have agreed to to age-restrict VIP incentive schemes to ages 25 and above. 
Included in the failings at Caesers were:
Insufficient interaction with a customer who lost £323,000 in 12months who had a gambling problem.
Insufficient interaction, and checks on source of funds, with a customer identifying as a retired postman who lost £15,000 in 44 days.
inadequate source of funds checks on a customer who bet £3.5m and lost £1.6m over three months.
Three senior managers have also given up their licenses as part.
Neil McArthur, the Gambling Commission’s Chief Execute commented the failings were ‘extremely serious.’ Caesers failed to put customer safety at the heart of business,’ according the McArthur, also adding that the operators “must know their customers,” and that they should step in “when they see signs of harm.”
Acknowledging that it had “fallen short of standards,” Caesers has accepted the settlement.
"Since discovering,” McArthur said, “We have enhanced our compliance policies and procedures, and are complying with the licence conditions and commission's guidance for best practice.”
The penalty amount will go towards funding the National Strategy to Reduce Gambling Harm.
Penalties of £27m total have been imposed by the British Gambling Commission this year.
The penalty against Caesars topples the previous record of £11.6m on Betway last month.