The Assessments of the Gambling Commission Lead To Disciplinary Action
A statement was released by the Gambling Commission (the ‘Commission’) detailing the compliance action taken against five land-based casinos which online casino Singapore, it was found, had not complied with the criteria of social responsibility and anti-money laundering. The declaration contains specifics of the conclusions of the Commission on each operator’s investigations and the relevant measures taken for regulatory purposes. The result was four administrative payments (payments ranged from £202,500 to £260,000 instead of financial penalties) and one penalty ( £377,340).
Restricted to Clock fair
The Commission initiated an investigation in October 2019 of the operating licence of Clock fair Limited (“Clock fair”), revealing that Clock fair had infringed certain terms of its operating licence. The following violations apply to:
Interaction with customers – The report revealed flaws in the more secure gaming inspections of Clock fair online betting singapore and discovered that it had not implemented customer interaction protocols and procedures. The Commission cited a case in which a client lost £58,830 with Clock fair in a 12-month cycle. The two customers reported a deficit of almost £100,000 in their business reports during the same time frame.
Clock fair acknowledged its anti-money laundering laws, practises and checks to prevent money laundering and terrorism funding. The surveillance and examination of consumers in particular was found to be inadequate to ensure the proceeds of fraud had not been wasted. The Commission found that in some cases Clock fair has not conducted controls to validate the consumer funding underlying source. In other cases, when controls were made, the source of the customers’ funds was inadequate to validate. The Commission also found that it was not possible for Clock fair to carry out appropriate tests on persons politically exposed (‘PEPs’).
Currency and cash equivalents use – Clock fair has not applied adequate strategies and practises for consumer use of cash and cash equivalents.
In order to strengthen its practises, processes and controls, Clock fair agreed to a permanent scheme. Clock fair’s remediation initiative covers major workforce preparation sessions, an evaluation of internal and external monitoring systems, integrating adequately specified risk factors for identifying problem gambling into its social responsibilities strategies and evaluating and improving its anti-money laundering and social accountability policies and procedures.
The regulatory settlement between the Board and Clock fair consisted of: a pay-out of £260,000 instead of the financial penalty to the National strategy for reducing gambling harm; and a payment for the Commission’s investigative expenses for £11,690,41.
The Commission cited the length of the violations, Clock fair’s knowledge about the violations 96Ace online gambling, the gravity of the violations, the fact that the infringement occurred in situations identical to previous instances, and the need to promote compliance with the requirements of other operators in an aggravating way.
A variety of terms of their licence have been violated by Shaftesbury Casino Limited. Policy, processes and controls on anti-money laundering have been proven unsuccessful. Instead of a cash penalty, the operator is paying £260,000. The fine is to implement the National Gambling Harms Reduction Strategy. In a previous situation in which a casino company was found to have violated licence terms, the Commission reached a settlement like the one reached between Clockfair and the Commission.