UKGC fines Casumo & Videoslots for multiple player safeguard failures
Online Casino’s name continues to be dragged through the mud this November, as the UK Gambling Commission (UKGC) this morning confirms that it had imposed further penalty charges to two UK-licensed operators for failing ‘to prevent money laundering and keeping consumers safe from gambling-related harms’.
As previously reported Daub Alderney a subsidiary of London-AIM listed Stride Gaming was fined £7.1 million this November, for continued failings on player protections and money laundering.
Adding to a ‘bad news November’, today the UKGC confirms that it has further sanctioned a £5.58 million financial penalty for Malta-based Casumo, running alongside a £1 million penalty package for Malta counterpart Videoslots.
updating the market Neil McArthur, UKGC CEO, said: “I hope today’s announcement will make all online casino operators sit up and pay attention, as our investigations found that a large number of operators and their senior management were not meeting their obligations.
“It is not enough to have policies and procedures in place. Everyone in a gambling business must understand its policies and procedures and take responsibility for properly applying them.
“We expect operators to know their customers and to ask the right questions to make sure they meet their anti-money laundering and social responsibility obligations.”
Further actions see the Commission revoke the license of CZ Holdings, who will no longer be allowed to provide any gambling-related activity or service to UK consumers.
Stating its intent to clean-up online gambling, the Commission warns that nine other operators have been issued with ‘Advice of Conduct’ letters with a further six companies under investigation.
In addition to its penalty packages, the UKGC informs that it has taken regulatory action against the individuals responsible for the failings, with three ‘Personal Licence Holders (PMLs)’ forced to surrender their licenses, whilst four have been issued with a warnings and two have served with ‘Advice as to Conduct notices’.
Backing the UKGC’s actions and tougher stance on online gambling standards, Jeremy Wright, Secretary of State for Digital, Culture, Media and Sport, said:
“Any online operator that thinks it can ignore its duty to protect players should take note today – there will be consequences. Protecting vulnerable consumers is our prime concern, and it must be the priority for gambling operators too.
“There are robust requirements to safeguard players and prevent money-laundering which all businesses must adhere to if they wish to operate in the British market. I am pleased to see the Gambling Commission taking the strongest possible action when companies fail to meet their obligations.”
Source: SBC News
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