The company, which trades as Star Sports, has been issued with a £594,000 (€693,794) penalty after a license review revealed that it had failed to implement the correct procedures to determine the source of funds for customers.
According to the UKGC announcement, Star Sports had ineffective policies and procedures in place. This allowed customers to make large deposits without having to provide detailed source of funds information. This is in direct breach of it licensing conditions with respect to AML guidelines.
UKGC Fines Star Racing for AML and Social Responsibility FailingsAll failings were found to have occurred between March 2020 and May 2021.
UKGC Fines Star Racing for AML and Social Responsibility FailingsThe first six months of 2023 saw gambling regulators across Europe, North America, and Australia issue fines totaling £64,490,694 / €75,187,033. The UKGC issued 11 penalties totaling £36,945,035 / €43,070,716 representing 57.3% of all fines issued in the first half of the year.
Based in London, Natasha is a former sports journalist with experience working for some of the biggest athletes & brands in the world of sports and iGaming.