0 Have your say Gambling firm Ladbrokes Coral has been hit with a £5.9 million fine for failing to protect vulnerable customers and ensuring protections are in place against money laundering. The Gambling Commission said the chain had “systematic failings” and warned that investigations are continuing into the actions of personal management licence holders at the firm. It found Ladbrokes Coral did not carry out any social responsibility interactions with a customer who lost £98,000 over two-and-a-half years, had 460 attempted deposits into their account declined, and even asked the operator to stop sending promotions. Meanwhile, it failed to ask another customer who spent £1.5m over a two year, 10 month period, to evidence their source of funds. It could also not provide evidence of any social responsibility interactions being carried out.An investigation by the Gambling Commission found that between November 2014 and October 2017, Ladbrokes and Coral failed to put in place effective safeguards to prevent consumers suffering gambling harm and against money laundering, with this failing continuing after their merger as the Ladbrokes Coral Group.Ladbrokes this week announced it is to launch a Scottish Premiership version of fantasy football with the SPFL. Richard Watson, Commission executive director, said:… Read full this story
- Ladbrokes Coral hit by £5.9m penalty over vulnerable gamblers
- Ladbrokes accused of conflict of interest over problem gamblers
- Gambling firm 888 penalised record £7.8m for failing vulnerable customers
- Gambling charity warns betting firms are failing to fund addiction treatment
- Is the weather really too hot for shirts on the Underground? Tube and train passengers strip as London hits 99.9F on UK's second hottest day ever
- The Great Barrier Reef: a catastrophe laid bare
- Online casinos to pay out £14m as watchdog cracks down
- Red Dead Redemption 2: The Kotaku Review
- How can governments regulate social media?
- I get email
Ladbrokes Coral hit with £5.9m fine over "systematic failings" have 288 words, post on www.scotsman.com at July 31, 2019. This is cached page on Technology Breaking News. If you want remove this page, please contact us.