British gaming giant Coral has been reprimanded by the UK Gambling Commission after it was revealed that the group unknowingly assisted in laundering almost £1 million linked to a drug ring.
The case stemmed from a man who entered Coral's betting shops and put in around £1 million in cash. Coral made almost £90,000 in commissions from the money being put in. The man was then treated as a valuable betting client, being given a complimentary day at the racetrack for his patronage.
The Commission criticized Coral for not challenging the amount of money being placed into their system. Coral is obligated to report when amounts totaling more than £10,000 are gambled, and although it did report the amounts to the regulator, the Commission claims that "...little or no challenge was made by the operator, although there were extensive and realistic opportunities to do so."
The defendant in the case has not been named yet, as he is currently awaiting sentencing for his role in the drug ring. The amount laundered by the man is thought to be one of the largest recorded in the betting industry.