It has just been reported that Gibraltar-based online slots provider Gamesys have been fined by the UK Gambling Commission. The company will be required to pay £1.2 million due to failure to stop gambling induced harm and for breaching money laundering regulations.
The amount is quite significant, but Gamesys isn’t the only company that has been fined. Namely, the Commission also reached a decision, on the same day, to fine Platinum Gaming Limited and this company will pay an even greater amount - £1.6 million. Platinum Gaming were fined because a convicted fraudster managed to wager over £600,000 of stolen money without the company taking any action to prevent that.
Stolen Money Wagered At Gamesys, Company Accepts The Fine
Investigation revealed that three people who stole money wagered it via Gamesys, at casinos sites owned by the company. According to the UKGC report, Gamesys failed to communicate with the players despite the fact that they displayed problematic behaviour.
In addition to not communicating with the players, Gamesys also failed to work in accordance with anti-money laundering rules and regulations, as the company didn’t establish their source of funds.
Gamesys accepted the Commission’s findings and settled to pay the requested amount. The company will return £460,472 to the victims and pay a financial penalty in the amount of £690,000. The Commission will use the funds to work towards the goals outlined in the National Strategy to Reduce Gambling Harms.
Richard Watson, who is a current Executive Director of the UKGC said that it is vital for operators to understand their customers and identify problem behaviour. Operators are expected to react swiftly when they notice someone is showing signs of said behaviour. The conclusion was that Gamesys failed to do so, and as a result the company was fined and is expected to return the funds to the victims who had their money stolen.
Different Operator, Similar Story
Platinum Gaming Ltd also failed to identify problem behaviour and to comply with anti-money-laundering regulations. A person who was previously convicted of fraud spent a total of £629,420 with the company.
The Commission found that considering the high deposits and losses the company should’ve reacted and refuse to continue providing services to the player. The company failed to enquire how the player obtained the funds the were wagered.
Platinum also reached a settlement with the UKGC and they will be required to return the stolen funds to the fraudster’s victims and pay a penalty of almost one million. The funds will also be put towards the National Strategy to Reduce Gambling Harms, i.e. it’s implementation.
The Commission Executive that was mentioned in the previous paragraph gave a statement on this matter as well. He said that this is another case of the UKGC taking firm action against an operator that failed to protect its customers and fail to implement required anti-money-laundering standards.
Seminoles Accuse Florida Of Failing To Enforce Gambling Laws
On the other side of the pond, in addition to numerous attempts to legalise one or multiple forms of gambling in various states, we bring you news that the Seminole tribe of Florida entered a quarrel with the state over their gambling revenue. The Seminoles own seven casinos across Florida and the revenue amounts to $2.5 billion. The tribe now accuses the state that it fails to prevent pari-mutuels from offering games that should be exclusively offered at tribal casinos.