The UK Gambling Commission fined Caesars Entertainment .5 million for “a number of serious weaknesses” in anti-money laundering protocols at the Playboy Club London and London Clubs LSQ. As posted on its website, the UKGC stated Caesars UK failed to appropriately assess the risks of dealing with certain customers; did not conduct sufficiently rigorous due diligence; failed to understand the sources of a customer’s wealth; and did not keep adequate records detailing the company’s decision-making process.
In addition, the UKGC found Caesars UK put too much confidence in checks made by Caesars’ international divisions, even if those jurisdictions’ anti-money laundering requirements did not match the UKGC’s.
Caesars UK admitted to the accusations and proposed a voluntary settlement, accepted by the UKGC, allowing an independent external provider to conduct a review of Caesars UK anti-money laundering policies and processes, and implementing an action plan to address any weaknesses the review would recommend.
