Star Racing will pay a fine of £594,000 ($774,834) due to company failings in anti-money laundering, whilst also facing a formal warning and having licence restrictions imposed.
The organisation failed to stop money laundering, which included allowing customers to deposit a large sum of funds before obtaining the source of money information.
Star Racing also failed to evaluate the source of funds information when it was obtained. These failures occurred at the time of the compliance assessment and happened from March 2020 to May 2021.
The company’s failings in terms of social responsibility were increased, as they were unsuccessful when attempting to show that they understood the impact and efficiency of customer contacts in terms of lowering consumer threat.
This particular course of action includes issuing a warning to the licensee in align with Section 117(1)(a) of the Act, and Licence Condition 12.1.2, which demands those loacated in foreign countries to adhere to the Money Laundering, Terrorist Financing, and Transfer of Funds (Information of the Payer) Regulations 2017.
Additionally, licensees are required by Social Responsibility Code Provision (SRCP) 3.4.1, paragraphs 1 and 2, to interact with consumers in a way that reduces the likelihood that they may suffer damages related to gaming and to consider the Commission’s customer interaction recommendations.
In an alternative offence, which occurred in recent weeks, Videoslots were found guilty of social responsibility and anti-money laundering violations by the UK regulator in June, meaning they agreed to pay a £2m ($2.5m) compensation to the Gambling Commission.
The hiearchy in the Gambling Commission have been vocal during the process of punishment and Gambling Commission Chief Executive, Andrew Rhodes, relased a statement confirming the process.
Rhodes said : “When we launched this investigation, the failings we uncovered were so widespread and alarming, serious consideration was given to licence suspension.”