QuinnBet settles £609k UKGC sanction over AML and safer gambling failings
UK gambling company QuinnBet has settled with the UK Gambling Commission for £609,104 due to anti-money laundering and social responsibility failings.Summary
The UK-based gambling company QuinnBet has reached a settlement of £609,104 with the UK Gambling Commission following an investigation into failures in anti-money laundering (AML) and social responsibility operations. The regulator identified significant issues, including ineffective controls regarding deposit limits for younger players, which allowed one individual to place approximately 4,800 bets in a single day. Additionally, the investigation uncovered AML failures, such as an over-reliance on 'Source of Wealth' checks, which failed to detect disproportionate spending by a customer who lost £9,000 in four days despite providing payslips indicating monthly earnings of around £2,000. John Pierce, the Commission's director of enforcement, emphasized the serious consequences of inadequate systems and controls, stating that operators must ensure their safeguards are effective in practice. QuinnBet has acknowledged the issues and implemented immediate improvements to its AML policies and procedures to better identify and respond to indicators of harm and financial crime.
(Source：Newsbreak)