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Compliance Updates

UKGC fines Platinum Gaming Ltd £1.6m for social responsibility and money laundering failures

George Miller

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UKGC fines Platinum Gaming Ltd £1.6m for social responsibility and money laundering failures
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AN online gambling operator will pay £1.6m for failing to identify gambling harm and prevent money laundering.

The Gambling Commission launched an investigation following reports that a convicted fraudster had spent £629,420 of stolen money with Platinum Gaming.

During Commission enquiries it was revealed the customer’s deposits were so high and losses so significant Platinum Gaming should have considered refusing or barring service to the customer. Instead the operator continued to allow the customer to gamble.

Investigations also revealed the operator breached anti-money laundering regulations, including a failure to make adequate enquiries about the source of the funds the customer used to gamble.

As part of a settlement with the Commission, Platinum Gaming returned £629,420 to the fraudster’s victims and will pay £990,200 in lieu of a financial penalty. This money will be spent accelerating delivery of the National Strategy to Reduce Gambling Harms.

Richard Watson, Gambling Commission Executive Director, said: “There were weaknesses in Platinum Gaming’s systems and as a consequence, more than half a million pounds of stolen money flowed through the business. This is not acceptable and I would urge all operators to carefully read this case and learn lessons so they don’t make the same mistakes.”

“This is yet another example of us taking firm action against online operators who fail to protect consumers or implement effective safeguards against money laundering. We must see the industry stepping up and providing consumers in Great Britain with the safest and fairest gambling market in the world.  Where we continue to see failings, we will continue to take action.’

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George Miller started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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Canada Amends the Criminal Code Offence of Money Laundering

Niji Narayan

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Canada Amends the Criminal Code Offence of Money Laundering
Photo Source: theguardian.pe.ca
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The Government of Canada has amended the Criminal Code offence of money laundering. The regulation changes criminalise moving money on behalf of someone despite money laundering suspicions.

“This change modernises Canada’s money laundering criminal offences to be consistent with key allies (e.g. U.K. and Australia) and provides an additional tool to disrupt and more effectively investigate and prosecute money laundering, particularly when dealing with sophisticated actors such as professional launderers,” Finance Department spokesman Greg Sommerville said.

Canada also considers other recommendations produced in the past 18 months. 120 recommendations were filed, but only 19 have been approved so far.

“Canada has fallen so far behind for so many years, we’re playing catch-up,” James Cohen, executive director of Transparency International Canada said.

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Compliance Updates

Spain Approves the Creation of Commission to Combat Sports Manipulation

Niji Narayan

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Spain Approves the Creation of Commission to Combat Sports Manipulation
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The Ministry of the Presidency in Spain has approved the creation of a national commission to combat match-fixing and betting-related fraud.

According to the Ministry, the commission will “develop action plans [and] recommendations or diagnoses to detect, prevent and combat illegal actions in the field of sports competitions and fraud in betting.”

Members of the commission will include representatives of Spain’s gambling regulator (DGOJ), the National Police, the Civil Guard, the Higher Sports Council and persons related to sports competitions and the betting sector. The Commission will be chaired on a rotating basis by the head of the DGOJ and the Directorate General of Sports.

The commission’s first task will be to develop a new early warning system developed by the DGOJ, which is intended to act as a point of communication to prevent match-fixing and fraud.

“Corruption linked to the manipulation of sports competitions and betting-related fraud are two of the greatest threats to sport and horse racing, as it undermines each sport’s core values ​​and ruins the experience for fans and spectators. For this reason… the Government has considered it necessary to establish at the national level a formalised channel of dialogue and cooperation between public authorities, sports organizations, organizers of competitions sports and representatives of the gaming sector,” the Ministry said.

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Compliance Updates

Sports Betting Becomes Legal in New Hampshire

Niji Narayan

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Sports Betting Becomes Legal in New Hampshire
Photo Source: reviewjournal.com
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New Hampshire has become the latest U.S. state to legalise sports gambling. Gov. Chris Sununu signed into law a measure that legalises betting on professional sports and most Division I college sports, excluding games involving New Hampshire schools. The state Lottery Commission will regulate the new industry.

“We can do it with a lot of confidence because it’s being done responsibly, and it’s being done with an organization here at the lottery that just knows what they’re doing. They know how to get this stuff off the ground,” Sununu said.

Opponents had argued sports betting would continue the state’s reliance on problematic revenue sources, including alcohol and cigarettes, the so-called “sin taxes.” But supporters argued legalising of sports betting will bring black-market activity to the surface and provide support for problem gamblers through a new organisation focused on education, prevention and treatment.

“I’m happy we’re bringing an illicit activity into the light for our citizens of New Hampshire and allowing for some consumer protections,” Rep. Timothy Lang said. He called it a win for residents, communities, the state and public education.

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