One of the world’s largest bookmakers is to be fined more than £500,000 for failings in its anti-money laundering policies.

The Gambling Commission said the process used by Bet365 was “ineffective in managing money laundering risks” and failed to check whether new customers were subject to financial sanctions before they signed up to make their first deposit.

The company, run by Denise Coates, Britain’s highest-paid woman, also failed to conduct independent verification checks on customers’ identities and failed to carry out meaningful checks on high-risk gamblers.

The regulator said Hillside (UK Gaming) ENC, which holds a license for Bet365’s bingo and casino products, will pay £343,035 and Hillside (UK Sports) ENC, which holds a license to offer betting, will pay £239,085.

As part of Bet365’s regulatory settlement with the Gambling Commission, all £582,120 will be used for socially responsible causes.

Latest accounts show revenue from the Stoke-on-Trent-based company’s core sports and games business rose 19% to £3.39 billion in the year to March.

Ms Coates, whose father Peter co-founded the company, earned more than £220m last year. She is widely regarded as the highest paid boss in the UK and one of the highest paid bosses in the world.

According to the latest company accounts, her pay package (excluding dividends) increased by around £7m on the previous year.

She earns around £1 million a day before tax. As a significant owner of the business, Ms Coates also received millions of pounds in dividends, although the exact proportion she paid out is unclear.

Kay Roberts, executive director of operations at the Gambling Commission, said: “The lapses in policies and procedures may not have been as severe as other gambling businesses in recent years, but they were still failures.

“We expect the operator to maintain high standards in ensuring gambling is safe, fair and crime-free and will always take action to correct any deficiencies. The operator is very aware that a repetition of these failings will lead to escalating regulatory action.”

Bet365 has been contacted for comment.