Ladbrokes Coral fined £5.9 million for compliance failings
Landbrokes Coral is to pay £ 5.9m fine to the Gaming Commission over “systematic failings” to protect problem gamblers who lost hundreds of thousands of pounds. The company is being penalized for its lack of checks on money laundering and problem-gaming.
Ladbrokes Coral forms part of the GVC gaming group, based in Isle of Man, which group agreed to the regulatory settlement with the Gambling Commission in relation to historic compliance failings that took place within the Ladbrokes Coral business before its takeover by the Group.
The failures include incidents where Coral neglected to ask one customer who lost £1.5m over three years about their source of funds resulting in lack of checks to deter money-laundering among customers.
Others involve failure to interact with customers suffering from gambling addiction despite clear sings of problem gambling such as logging into their account 10 times a day and losing £64,000 in one month alone.
This is one of the highest fines ever imposed by the Gambling Commission and more may happen. As part of the settlement, £4.8m will go to initiatives to prevent problem gambling and £1.1m to victims of crimes used to fund gambling.
GVC stated in an official statement published on their website that since the period investigated by their regulator it has improved its safer gambling processes to ensure it was “fully compliant with its licensing obligations”. It had increased the number of staff in its compliance department fivefold since 2016 and “materially increased” its checks on the origins of players’ funds.
Dr. Mariella Baldacchino
Dr. Mariella Baldacchino currently sits on the Board of E&S Consultancy Ltd and RES Malta Ltd, authorised corporate service providers in Malta, and is the Managing Partner at E&S Law, a Law firm based in Malta. E&S Consultancy, RES Malta Ltd and E&S Law operate within the E&S Group. Dr. Baldacchino, a lawyer by profession with over 12 years of involvement with international businesses set ups in Malta, is responsible for the corporate and legal team at E&S Group. She is also responsible for the operations of the E&S Group including overseeing day to day operational functions and implementing decisions and strategies of the E&S Group. She read law at the University of Malta in 2005 and finalised a Master in ‘Diritto Privato Europeo’ at the University of La Sapienza Rome in 2006. In 2006 she joined a tax firm in Malta, whereby she was responsible for a varied international based client portfolio, which developed her experience on efficient tax planning, corporate law matters and client relations. In 2011, she took a senior role within a major audit firm heading the Legal Team. Her responsibilities were managing and supervising the legal team, as well as assisting with legal expertise and ad hoc problem-solving. Mariella joined E&S Group in 2016 as Senior Manager for the Corporate and Legal Department.
Mariella is fluent in English, Italian and Maltese.
Phone:+356 2010 3020