The gaming operator Platinum Gaming is set to pay €1.8 million for social responsibility and money laundering failures.
UK.- The UK Gambling Commission (UKGC) has revealed that Platinum Gaming will pay €1.8 million for failing to identify gambling harm and prevent money laundering. This is the second fine issued in a week, after Gamesys received similar punishment.
The gambling regulator launched an investigation after reports that a convicted fraudster had spent approximately €705k of stolen money with Platinum Gaming. During inquiries, it was revealed that the customer’s deposits were so high and losses so significant that the operator should have considered refusing them.
Moreover, the UKGC said that investigations revealed that the operator breached anti-money laundering regulations, including a failure to make adequate enquiries about the source of the funds the customer used to gamble.
As part of a settlement, Platinum Gaming said that it returned the money spent by the fraudster to its victims and will pay €1.1 million in lieu of a financial penalty. The money will be spent to accelerate the delivery of the National Strategy to Reduce Gambling Harms.
Richard Watson, Gambling Commission Executive Director, said: “There were weaknesses in Platinum Gaming’s systems and as a consequence, more than half a million pounds of stolen money flowed through the business. This is not acceptable and I would urge all operators to carefully read this case and learn lessons so they don’t make the same mistakes.”
“This is yet another example of us taking firm action against online operators who fail to protect consumers or implement effective safeguards against money laundering. We must see the industry stepping up and providing consumers in Great Britain with the safest and fairest gambling market in the world. Where we continue to see failings, we will continue to take action.”