Gibraltar Gambling Commissioner cautions UK Unibet operator after £10m fine
The regulator has revealed that it previously raised concerns with Platinum Gaming.
Gibraltar.- The office of the Gibraltar Gambling Commissioner has issued a formal caution to Platinum Gaming Ltd, the operator of the UK Unibet and Bingo.com operations, which is dual licensed in Great Britain and Gibraltar.
The regulator said it conducted a review of the circumstances leading to the Gambling Commission’s penalty. It noted that the case primarily concerned social responsibility failings in a single-figure number of cases related to AML systems and controls back in 2023. It stressed that there was no specific evidence of money laundering or criminal spend.
“Whilst there was very limited financial benefit to the Licence Holder flowing from these 2023 cases, they disclosed a lack of adequate due diligence in respect of accumulated deposit levels (formal triggers) and other failures of due diligence and approach to risk,” the Gibraltar gambling regulator said.
It revealed that this lack of deposit triggers was a matter that was previously raised by the Gibraltar Gambling Division. However, the Gibraltar Gambling Commissioner has decided not to pursue a further financial penalty because of the historical nature of the failings and the fact that a significant financial penalty has already been imposed by the British regulator.
It also noted that systems and controls in relation to the Gibraltar regulatory regime have been improved and are now considered satisfactory. Nevertheless, it said it had decided to issue a caution because the circumstances relate to the fitness and propriety of the licence holder and impact on the reputation of Gibraltar.
“On balance, the Licence Holder is considered fit and proper to hold a Gibraltar licence given the documented improvements it has made to its AML/CFT/CPF systems, controls and approach to risk over time. Licence holders which are dual licensed are reminded that they are expected to comply with the AML/CFT/CFP regime not only in Gibraltar but also of other relevant jurisdictions in which they operate,” the regulator said.
It warned: “Any Gibraltar licence holder which is subject to a regulatory sanction in another jurisdiction for AML/CFT/CPF breaches can expect the circumstances of that case to be reviewed by the Gibraltar Gambling Commissioner and the possibility of a public statement being made as to findings.
“Further enforcement action on the part of the Gambling Commissioner cannot be ruled out where it is justified by the circumstances. The fact that a formal caution has been issued will be taken into consideration if other matters come to light in the future.”
Earlier this week, Gibraltar gambling commissioner Andrew Lyman made the unusual move of weighing in with an opinion on the likely gambling tax hike in Britain. He criticised claims that the gambling industry can absorb any tax hike.
