UK Gambling Commission’s Thorough Regulatory Investigations

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Results to Hefty Penalties, License Revocations, Warnings and Notices

UK Gambling Commissioner Neil McArthur recently came out with a press release disclosinginitial results of their ongoing regulatory investigations. The Commissioner expressed hopesthat in making the announcement, operators of online casinos will finally “ sit up and payattention”. As it is, the regulatory body found out that such is not the case.

Thorough investigations revealed that a great number of online gambling operators have been remiss in applying policies and procedures aimed at safeguarding the interest of customers. Those ascertained to have failed in carrying out their social responsibility, and in heeding safeguards against money laundering, will be paying penalties in pay attention amounts. disclosing initial of authority, mostly members of senior management stand to lose their Personal Management License for failing to meet obligations.

Daub Alderney, Casumo and Videoslots to Pay Penalties

Following a review of online gambling companies, Daub Alderney Limited, Casumo Services Limited and Video slots Limited, will be paying penalties/fines based on the decisions arrived at by the UK Gambling Commission Regulatory Panel. Daub Alderney will pay GBP 7.1M, Casumo GBP 5.85M and Video slots GBP 1.M, totaling GBP 13.95 in all. The UKGC Regulatory Panel submitted a summary of the breaches committed by the three online gambling entities, which were mainly failures to conduct risk assessments.

Risk assessments are basically actions taken to “know-your-customer” in order to prevent money laundering and terrorist financing. Such actions include continuous monitoring of customer online casino transactions and their source/s of funds; as well as maintaining pertinent documents to prove that such obligations were performed. All three entities were also found remiss in complying with certain aspects of UKGC Social Responsibility Codes. Their failures centered mostly on putting into effect applicable policies and procedures designed to identify customers at risk before they actually fall prey to the harms of gambling.

Revocation of CZ Holdings’ UK License to Operate

The UK Regulatory Commission has also taken final action against CZ Holdings by revoking the company’s license to operate in the UK. CZ Holdings is the parent company of Dr. Vegas Online Casino, which closed sometime in July 2018 after customers filed complaints of slow-pay/ no-pay. Dr. Vegas online casino operated under a blacklisted program called Partnerama Affiliates. As an aside, the UKGC also took actions against persons responsible in overseeing compliance with regulatory policies and procedure. Although details were not provided,reports have it that three (3) holders of Personal Management Licenses (PML) surrendered their respective permits; four (4) received formal Warning, while two (2) others received advice to Conduct notices.

Commissioner McArthur stressed that UKGC takes action not only against the online gambling business. Those found responsible for the regulatory failures, including persons holding senior management position, will be held accountable.UK Secretary of State for Digital, Culture, Media and Sport, Jeremy Wright, expressed satisfaction over the strong regulatory actions taken by the Gambling Commission. He forewarned gambling operators seeking to do business in UK that if they wish to do, protecting vulnerable customers should be their main concern. He added that there are robust policies and procedures in place with which they must strictly adhere.