TonyBet Fined £440,000 for Breaking Anti-money Laundering Laws

The UK watchdog fines international gambling powerhouse TonyBet more than £440,000 for breaking anti-money laundering laws.

According to the Gambling Commission, TonyBet received a £442,750 punishment and a warning for not having fair and transparent terms and for breaking social responsibility and anti-money laundering laws. The operator, which runs tonybet.co.uk, will also be subject to a third-party assessment to see how well it carries out social responsibility and anti-money laundering (AML) regulations. 

TonyBet's website had unfair terms, such as the provision that TonyBet could request identity documents for "all withdrawals," despite not having previously insisted on the same checks in the procedure, which might prevent clients from getting their winnings. Other unfair conditions included the risk of earnings being withheld in cases where customers failed to submit AML documents within 30 days and the fact that accounts were only deemed dormant after six rather than twelve months of inactivity.

Failures in terms of social responsibility included failing to recognise and engage with clients who might be at risk for gambling-related harms, as well as the company's failure to make sure it had the proper policies, procedures, and controls in place to stop money laundering and terrorist financing. 

Executive director of operations at the Commission, Kay Roberts, said:

'Not only does this case illustrate our drive to clamp down on anti-money laundering and social responsibility failures, but also highlights action we will take against gambling businesses who fail to be fair and open with customers.'

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