British bookmaker Corbett fined $900K for gambling and money laundering failures

British bookmaker Corbett has been hit with a large fine of nearly £700,000 ($906,000) for reportedly not doing enough to promote responsible gambling and prevent money laundering.

The company has agreed to pay £686,070 ($888,193) after the UK Gambling Commission found serious flaws in its anti-money laundering and safer gambling policies.

Corbett, which runs 36 betting shops across Britain, failed to step in when customers were gambling large sums in short periods. In one case, a customer was able to bet £47,000 ($61,000) and lose £14,000 ($18,000) over eight months without the company checking where the money was coming from. Another customer placed 56 bets in four hours, losing £3,523 ($4,563).

Corbett Bookmakers Limited will pay £686,070 for social responsibility and anti-money laundering failures.

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