NetBet has agreed to pay £650,000 as part of a settlement with Britain’s Gambling Commission.
The payment in lieu of a financial penalty relates to anti-money laundering and social responsibility failures at netbet.co.uk between November 2023 and July 2024.
An investigation by the Gambling Commission found that NetBet Enterprises failed to ensure its policies, procedures and controls to prevent money laundering and terrorist financing were implemented effectively.
The regulator also found that NetBet submitted inaccurate information in regulatory returns.
“This case highlights the serious consequences of failing to meet anti-money laundering and social responsibility obligations. We expect all operators to take note and ensure their systems are not only well-designed but are working effectively to protect consumers and to keep crime out of gambling,” said John Pierce, director of enforcement at the Gambling Commission.
“The operator was instructed to take immediate action and make significant improvements to its systems and controls. This included strengthening their risk assessments, improving how they identify and respond to indicators of harm, and ensuring the accuracy of the data they report to us.”
The £650,000 payment will go to socially responsible causes.
NetBet is also required to undergo an independent audit of its policies, procedures, and controls to ensure that the improvements they have implemented are properly embedded and remain effective in practice.