Corbett Bookmakers fined $886,790 by UKGC for failing to meet gambling, AML standards

Corbett Bookmakers Limited, a land-based gambling operator with 36 premises, has been fined £686,070 ($886,790) by the Gambling Commission for failing to meet social responsibility and anti-money laundering (AML) standards.

In addition to the fine, the company will undergo a third-party audit to improve its policies and controls related to safer gambling and AML practices. The breaches were uncovered during a two-day compliance assessment by the Gambling Commission.

The operator failed to identify several high-risk gambling behaviors, including a customer who staked £23,674 within just 13 days, with no intervention or risk assessment.

Additionally, a four-hour gambling session took place during which a customer placed 56 bets and lost £3,523, but there was no adequate interaction from the operator. Moreover, a customer staked £47,416 and lost £6,741 over 10 weeks, again with insufficient operator intervention.

In terms of AML, Corbett Bookmakers allowed customers to stake and lose significant amounts without properly verifying the source of funds or conducting sufficient Know Your Customer (KYC) checks. One customer staked £47,000 and lost £14,000 over eight months without the company confirming the legitimacy of the funds.

The company’s money laundering and terrorist financing risk assessment was also inadequate, failing to account for customer, product, geographic, and payment risks.

These breaches occurred between February 2022 and May 2024.

“This operator has failed to adhere to vital regulations designed to make gambling safer and free from criminal activity,” said John Pierce, Commission Director of Enforcement. “As a result, it will not only pay a significant fine but also undergo a rigorous audit to ensure full compliance with anti-money laundering and safer gambling measures."

The commission expects the operator to implement the audit recommendations quickly and demonstrate measurable improvements in both policy and practice.

“Failure to do so will prompt our compliance team to reassess the situation and take further action as necessary,” Pierce added. “All operators should carefully consider this case and the price this operator is now paying."