Apr6
bet365 Receives Fine of £582k From the UKGC for Violating AML, and Social Responsibility
Mr. Green to Cover $3 Million for Regulatory Omission
March 9, 2020 TamaraTam
The UK Gambling Commission has just completed an investigation following the failures of gambling operators. After the detailed check up, Mr. Green has been accused of breaching regulatory norms and now it should pay about $3 million.The reputable online casino provider is one of nine operators that will have to face the consequences of the regulatory failure.
Background of Review
The UK Gambling Commission has commenced with regular controls starting from 2018. Ever since the enforcement activity rolled out, six gambling operators in the UK surrendered their licenses. Additionally, the Commission investigated the activity of 22 individual Personal Management Licence owners which ended with six surrendered licenses, six warned operators, one operator receiving advice, seven still under investigation and no action against two operators.
UKGC has found that Mr. Green failed to apply effective procedures for the elimination of harm and money laundering. The operator is now obliged to reimburse £3m to the National Strategy to Reduce Gambling Harms. Further on, the operator is accused of:
- Not carrying out social interaction with a customer who managed to get £50,000, gambled it once again and make additional deposits of several thousand pounds
- Used ten-year-old evidence of a £176,000 claims payout as effective proof of source of funds (SOF) for a player who deposited £1m
- Recognized a photograph of a laptop screen displaying currency in dollars on a crypto trading as a proper source of funds
Reactions
Following the latest incident, Gambling Commission Executive Director, Richard Watson said:
“Our investigation uncovered systemic failings in respect of both Mr. Green’s social responsibility and AML controls which affected a significant number of customers across its online casinos.
“Consumers in Britain have the right to know that there are checks and balances in place which will help keep them safe and ensure gambling is crime-free – and we will continue to crack down on operators who fail in this area.“
The regulator strives to provide a safer online gambling experience to all s. Over the past period, the Authority has taken several steps in strengthening customers’ awareness about safe gambling. Some of the measures from the operator were directed to the introduction of age verification, identity checks up, more stringent rules on identification and interaction with s who are at risk as well as banning of credit card use. The Commission is also committed to the activity which will raise applicable standards in VIP practices, ad technology, and game design.
Make sure to visit the Authority’s sites and read the public statement issued to Mr. Green.
Source:
“Mr. Green to pay £3m for regulatory failures“, gamblingcommission.gov.uk, February 27, 2020.
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This is another excellent example of how to fight for a more safe and secure gambling environment. I think that Mr. Green has made a mistake and they should bear the consequences of the failure…