The commission revealed the social responsibility failings included:
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UK Gambling Commission Fines In Touch Games £6.1 Million
UK Gambling Commission Fines In Touch Games £6.1 Million
Anti-money laundering failures included:
- Failing to recognize that a customer was a beneficiary of a life insurance policy; had links to high-risk jurisdictions; or was a politically exposed person (“PEP”) – These are standard identifiers within the company’s money laundering and terrorist financing risk assessment.
- Insufficient policies, procedures and controls in place to manage the potential risks mentioned above.
- Failure to follow the Commission’s money laundering and terrorist financing risk assessment guidance
- Failure to request source of funds information from customers who had deposited and lost £10,000 (€11,312) in a 12-month period.
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.”
This is largest financial penalty imposed so far in 2023 and brings the total for 2023 to more than €9.1 million. According to research by USA-Casino.com, gambling industry fines in 2022 came to €251,712,034 / $269,532,490 – a significant increase of 443.9% compared to 2021’s total of €44,753,969 / $48,642,992.
Olivia has worked as an editor and writer for major brands across multiple niches. She now focuses on the iGaming and sports betting industries.