Author Topic: UKGC Slams 888 with £9.4 Million Fine over AML and Responsible Gambling Failures  (Read 217 times)

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Offline e_abramsTopic starter

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