UKGC Slams 888 with £9.4 Million Fine over AML and Responsible Gambling Failures

[e_abrams]

The United Kingdom Gambling Commission announced that it is fining 88 Holdings with £9.4 million. The company behind 888Casino and a number of other popular brands will have to pay that significant fine due to social responsibility and anti-money laundering failures. What is more, they will have to be subjected to independent audits.

According to the UKCG the company allowed players to deposit £40,000 before the source-of-fund checks were triggered and also allowed them to gamble during the period of verification. On top of that, they accepted verbal assurances from customers about the source of the funds being deposited   and sometimes allowed them to deposit more than £60,000 before being checked.

Source

That is a pretty heavy fine but they were aware of their licensing rules and broke them anyway.

[BlindHaze]

This is why some casinos take an age over player verification….

I wonder if there’s a period of time rather than just a nominal amount before they need to perform source of wealth checks. Or maybe it’s net deposits. If you deposit £40k over 5 years, but have played a lot and withdrawn £30k to the same payment method, is that worthy of checks? I’d have thought all casinos would need external/independent audits too….

Just my rambling thoughts over a beer and some Led Zeppelin playing on the record player… happy Friday everyone…

[Mentholdan]

45 minutes ago, BlindHaze said:

This is why some casinos take an age over player verification….

I wonder if there’s a period of time rather than just a nominal amount before they need to perform source of wealth checks. Or maybe it’s net deposits. If you deposit £40k over 5 years, but have played a lot and withdrawn £30k to the same payment method, is that worthy of checks? I’d have thought all casinos would need external/independent audits too….

Just my rambling thoughts over a beer and some Led Zeppelin playing on the record player… happy Friday everyone…

You might need to explain what a record player is for our younger members 😂

[TheKingInTheNorth]

Good… F*** em

[Mentholdan]

5 minutes ago, TheKingInTheNorth said:

Good… F*** em

Ditto

[Chicken dinner]

I've never been asked for any documentation, but I know the minute I win big they will ask