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Gamseys, an online gambling operator based in Gibraltar are to be fined a whooping £1.2M by the United Kingdom Gambling Commission (UKGC), for failings in social responsibilities and money laundering after three players used stolen money to fund their accounts.
Failings
The regulator formed their investigation, after breaches to the 2007 money laundering regulations were found, also failings to comply with the Social Responsibility Code Provision 3.4.1The UK police raised the issue when it was found three individuals had used stolen money to play at one of their sites.The operator showed failings in the process of monitoring a players activity that could indicate problem gambling, with not enough clear interaction to prevent this happening.They also found the correct measures had not been taken as to where the funds the players were using were sourced, which does not complying with money laundering regulations.
Financial Penalty
Gamseys will return stolen money to victims to the sum of £460,472 and also £690,000 in lieu of financial penalty, this money will be used to help establish the National Strategy to Reduce Gambling Harms.Richard Watson, The Gambling Commission’s 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.”