Shares in 888 lost more than a quarter of their value on Monday after the online betting company removed its chief executive and launched an investigation into failures to correctly follow anti-money laundering processes on VIP customer accounts.
The Gibraltar-headquartered gambling group said on Monday it had suspended a series of VIP customer accounts in the Middle East after it emerged that best practices have not been followed in relation to know your client and anti-money laundering regulations.
888 said further internal investigations were under way but stressed that the errors were isolated to the Middle East region. The suspended accounts affected up to 3 per cent of group revenues, or about 50mn, the company added.
The betting…
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