gambling commission

Gamesys to pay £1.2m for social responsibility & AML failures

Online gambling operator Gamesys (Gibraltar) Limited will pay £1.2m for failing to prevent gambling harm and breaching money laundering regulations, the UK Gambling Commission (UKGC) has announced this morning.

Gamesys operates the newly launched Virgin Bet, sports data site Live Score and a range of further igaming sites.

The regulator launched an investigation into the operator’s processes after police investigations revealed three individuals had spent stolen money with the gambling business.

It was discovered that despite customers displaying behaviour that could indicate problem gambling the operator failed to deliver interaction that could have prevented harm.

The investigation also revealed the operator failed to comply with money laundering regulations, including not establishing customers’ source of funds.

As part of a settlement with the Commission, Gamesys will return £460,472 of stolen money to victims and pay £690,000 as a payment in lieu of a financial penalty. This money will be spent accelerating delivery of the National Strategy to Reduce Gambling Harms.

Richard Watson, Gambling Commission Executive Director, said: “It is vital that operators understand their customers – track their online gambling and step in quickly when they suspect someone is suffering from gambling harm.

“These key steps and processes ensure they meet both their anti-money laundering and social responsibility obligations for all customers.

“Gamesys’ approach resulted in a variety of failings and saw stolen money flowing through the business – with customers being put at risk of gambling-related harm.”

Check Also

SBC News UKGC fines Gamesys £6m for deficiencies in customer responsibility and AML duties

UKGC fines Gamesys £6m for deficiencies in customer responsibility and AML duties

The UK Gambling Commission (UKGC) has issued a £6m penalty against Gamesys following an investigation …

SBC News Gambling review 'will not get in the way of the majority of people who want to have a flutter'

Gambling review ‘will not get in the way of the majority of people who want to have a flutter’

The government review of the UK’s gambling laws appears unlikely to spring any surprises when …

SBC News UKGC: NatCen Gambling Participation survey moves onto final testing phase

UKGC: NatCen Gambling Participation survey moves onto final testing phase

The UK Gambling Commission (UKGC) has updated stakeholders on progress related to its statistics, research …