UK’s Gambling Commission has levied a fine of £1.3m ($1.8m) on White Hat Gaming, an online gambling business, for AML failures. The AML failures occurred on White Hat Gaming’s websites www.grandivy.com, www.21casino.com, www.hellocasino.com and www.dreamvegas.com websites.
The Gambling Commission found deficiencies in the way White Hat Gaming identified and handled customers at high risks of money laundering and problem gambling. For example, the company failed to establish the source of funds for a client who lost £70,000 ($95,987) in three months. In two other cases, the company failed to maintain effective interactions with a client who lost £50,000 ($68,562) in six hours and another who lost £85,000 ($116,556) in about one hour.
In addition to paying the financial penalty of £1.3m ($1.8m), White Hat Gaming is also implementing a program to improve its AML policies and procedures. These improvements include the implementing a system to automatically disallow more spending once clients reach set limits, improving the safety of customer interactions, adequate monitoring of funding sources and regular reviews of AML measures.
Source: Gambling Commission, UK