UK Gambling Regulator's AML Action Is A Warning To All Cos.

Law360 (March 31, 2020, 4:43 PM EDT) -- On March 12, the U.K. Gambling Commission announced that it will fine online gambling business Betway Limited £11.6 million for failures in respect of its anti-money laundering controls and handling of seven of its VIP high-spending customers.

Beyond its relevance to the online gambling industry, this case clearly illustrates that all companies subject to the U.K. Money Laundering Regulations, including businesses in the finance sector, are required to have up-to-date and sophisticated anti-money laundering systems and controls.

Moreover, many companies in the U.S. that are jumping into the newly legalized sports betting space will find themselves subject to similar requirements under...

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