Repeat AML offender fined £6.1m [earlier fines were £2.2 and £3.4]
A gambling business will pay its 3rd regulatory fine of £6.1m penalty after a Gambling Commission investigation revealed TWO FAILINGS
- Social responsibility and
- Money laundering failings.
In Touch Games – which operates 11 websites failed a compliance assessment last March.
- 11 WEBSITES INCLUDE - bonusboss.co.uk, cashmo.co.uk, drslot.co.uk, jammymonkey.com and slotfactory.com – https://www.gamblingcommission.gov.uk/public-register/business/detail/domain-names/2091 -
Social responsibility failures included:
- Not interacting with a customer until seven weeks after they had been flagged for interaction for erratic play patterns and extended periods of play.
- Accepting a customer’s word that they earned £6,000 a month without verifying this information after the customer account was flagged due to customer spend and gambling during unsociable hours.
Anti-money laundering failures included:
- Not adequately taking account of the risk of a customer being a beneficiary of a life insurance policy ; having links to high-risk jurisdictions; or being a politically exposed person (“PEP”), family member of a PEP or known close associates of a PEP, within its money laundering and terrorist financing risk assessment.
- Not having policies, procedures and controls in place to address the risk factors mentioned above
- Not sufficiently considering the Commission’s money laundering and terrorist financing risk assessment or the Commission’s guidance
- Not ensuring its policies, procedures and controls were implemented effectively, for example not following its own policy to request source of funds information from customers who had deposited and lost £10,000 in a 12-month period.
This is the third time ITG have faced regulatory action –
- In 2019 it paid a £2.2m settlement for regulatory failures and
- In 2021 it received a £3.4m fine and warning for further failures.
Kay Roberts, Executive Director of Operations, said:
- “Considering this operator’s history of failings we expected to see significant improvement when we carried out our planned compliance assessment. Disappointingly, although many improvements had been made, there was still more to do.
- “This £6.1m fine shows that we will take escalating enforcement action where failures are repeated and all licensees should be acutely aware of this.”
The Gambling Commission
- Was set up under the Gambling Act 2005 (opens in new tab).
- Their responsibility is to regulate the individuals and businesses that provide gambling in Great Britain, including the National Lottery.
- THEY work in partnership with licensing authorities to ensure gambling businesses are compliant in order to make gambling safer and fairer.
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