Mr Green to pay £3m for regulatory failures

[The Buzz]

Mr Green is the latest operator to be punished for regulatory failures after the Gambling Commission imposed a £3 million fine on the firm that was acquired by William Hill last year, claiming it failed to have effective procedures in place aimed at preventing harm and money laundering.

Mr Green is the ninth gambling business to face action as part of a probe that has led to more than £20m in penalty packages since 2018.

From the UKGC:

As part of today’s penalty package Mr Green will pay £3m to the National Strategy to Reduce Gambling Harms because it failed to have effective procedures aimed at preventing harm and money laundering.

As a result of these failures Mr Green:

• did not carry out social responsibility interaction with a customer who won £50,000, gambled it away and deposited thousands more pounds
• took ten-year-old evidence of a £176,000 claims payout as satisfactory evidence of source of funds (SOF) for a customer who deposited over £1m
• accepted a photograph of a laptop screen showing currency in dollars on an alleged crypto trading account as adequate SOF.

Richard Watson, Gambling Commission Executive Director, said: “Our investigation uncovered systemic failings in respect of both Mr Green’s social responsibility and AML controls which affected a significant number of customers across its online casinos.
“Consumers in Britain have the right to know that there are checks and balances in place which will help keep them safe and ensure gambling is crime-free – and we will continue to crack down on operators who fail in this area.”

Read more here: https://www.gamblingcommission.gov.u...-failures.aspx

[ddm]

busy week in fines! Thanks @ thebuzz!

[cantona07]

ouch!