The Commission has issued a formal warning to the company which must also undergo an audit to ensure that the correct AML and social responsibility protocols are in place and are being followed by Smarkets staff.
The investigation revealed that one customer was allowed to deposit £395,000 (€466,036) over a four month period without providing any source of funds details. Meanwhile another customer transferred large sums of cash between bank accounts and user accounts without any checks being implemented.
Speaking of the investigation’s findings, Sarah Gardner, Commission Deputy CEO, said:
UK Gambling Commission Fines Smarkets For AML and Social Responsibility Failings UK Gambling Commission Fines Smarkets For AML and Social Responsibility Failings“It was obvious that poor systems and processes were in place which contributed to these breaches, driven by the company’s failure to effectively implement its policies and controls.”
Earlier this month online operator LeoVegas was fined £1.32 million for social responsibility and anti-money laundering failings.
UK Gambling Commission Fines Smarkets For AML and Social Responsibility Failings.
Olivia has worked as an editor and writer for major brands across multiple niches. She now focuses on the iGaming and sports betting industries.