SBC lines up expert panel for AML workshop at Betting on Sports

David Clifton, Clifton Davies Consultancy, AML.
David Clifton, Clifton Davies Consultancy.

With the 4th anti-money laundering (AML) directive likely to bring the betting industry within the regulated AML sector for the first time, and forthcoming data protection changes rendering gambling operators liable for huge new financial penalties for data protection breaches, SBC Events has brought together an expert panel to deliver timely guidance for chief executives, heads of marketing, compliance teams and money laundering reporting officers.

Jenny Williams (former CEO of the Gambling Commission), Roy Ramm (ExtraYard & formerly of New Scotland Yard), David Clifton and Suzanne Davies (Clifton Davies Consultancy) will be hosting a pacey and interactive ‘breakout’ workshop on day one of the Betting on Sports (BOS) conference, between 09:30 and 11:30 on Thursday 15 September.

This esteemed panel will be talking about the ‘perfect storm’, after AML and social responsibility breaches have resulted in leading bookmakers having to disgorge profits of nearly £2 million already this year. This includes Betfred having to pay more than £800,000 in compensation and a contribution towards socially responsible causes, as part of a regulatory settlement with the Gambling Commission following commencement of a licence review.

Similarly, Gala Coral and Paddy Power had to pay out nearly £880,000 and over £300,000 respectively after failing to meet their AML and social responsibility obligations. That is not all, because the Commission has warned it has the PMLs of senior executives in its sights if further AML failings occur.

With new LCCP licence conditions in force from 31 October imposing even greater AML responsibilities on all operators, we asked Clifton what all this might mean for the betting industry.

He commented: “With the Gambling Commission having power to levy unlimited fines, and the maximum penalties for data protection breaches rising to 4% of annual turnover or €20 million, one has to ask whether operator’s pockets are deep enough to risk future breaches occurring?

“Many CEOs and Compliance Directors don’t seem to have grasped that they risk losing their PMLs for their company’s AML breaches. Another thing the industry doesn’t seem to appreciate fully is that betting operators can be held liable for breaches committed by their affiliates.

“AML and data protection requirements are so easy to ignore, but it is so easy to get it right if operators start planning now. They should really be asking themselves whether they can afford not to attend our ‘breakout’ workshop at Betting on Sports.”

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Click here to see the full conference agenda at Betting on Sports!

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