BETTING giant William Hill has been fined over £6 million for breaching anti-money laundering and social responsibility regulations.

Ten customers were able to deposit money linked to criminal offences and William Hill gained £1.2 million.

The Gibraltar-headquartered firm did not do enough to ensure its preventative measures were effective, according to the Gambling Commission.

“This was a systematic failing at William Hill which went on for nearly two years and today’s penalty package – which could exceed £6.2 million – reflects the seriousness of the breaches,” said Neil McArthur, the executive director at the Gambling Commission.

The organisation commented that William Hill ‘failed to mitigate risks and have sufficient numbers of staff to ensure their anti-money laundering and social responsibility processes were effective’.

It is the second largest penalty imposed by the Gambling Commission, after the organisation fined fellow betting firm 888 £7.8 million in 2017.

The company must now appoint external auditors to review its practice and make amendments where necessary.

The timing of the fine could not come at a worse time for the company.

In several weeks the UK government will make a decision on limiting the maximum stake on fixed-odds betting terminals.

The maximum stake could be reduced from £100 to £2 which could drastically reduce William Hill’s profitability and lead to high-street shop closures.

“We are fully committed to operating a sustainable business that properly identifies risk and better protects customers,” said William Hill chief executive Philip Bowcock.

“We will continue to assist the Commission and work with other operators to improve practices in the areas identified.”

The Gibraltar Olive Press has contacted William Hill for comment on whether the fine could affect its 400-strong workforce on the Rock.