SBC News Voice of the Sports Betting Industry
The UK Gambling Commission (UKGC) has warned operators that they may face regulatory action if they do not complete regulatory returns or submit them on time.
The warning follows over 10 businesses being fined up to £750 since October last year for such failures.
John Pierce, Commission Director of Enforcement, emphasised that despite early engagement and the issuing of advice notices, further failures to comply with the regulatory returns process were identified in these cases.
He commented: “Operators are expected to understand their reporting obligations and must ensure returns are submitted on time via our online portal.
“Repeated breaches and persistent non-compliance is likely to result in escalating enforcement action.”
Licence Condition 15.3.1 – General and regulatory returns of the Licence Conditions Codes of Practice was updated on 1 July 2024.
This then required all licensees to submit regulatory returns on a quarterly basis replacing the previous annual basis.
The UKGC detailed that the next quarterly returns are due by 28 April 2025 and can be submitted via the eServices digital service on our website.
In further news, in the wake of some recent enforcement actions against operators for breaching AML and social responsibility licensing conditions, the UKGC has just updated its guidelines on the risk profiles betting firms come up against.
First on the list, the UKGC advised licensed remote and non-remote casinos with money service business (MSB) facilities to practice increased customer due diligence.
Another worrying trend emerging from the depths of the underground is the use of Artificial Intelligence (AI) to trick KYC and customer due diligence checks by generating false documents, deepfake videos and face swaps.
Finally, the regulator further added that any business conducted with illegal platforms puts operators at risk of receiving money from illicit activities.
