Online gambling operator Gamesys (Gibraltar) Limited will pay £1.2m for failing to prevent gambling harm and breaching money laundering regulations.
The Gambling Commission launched an investigation into the operator’s processes after police investigations revealed three individuals had spent stolen money with the gambling business.
It was discovered that despite customers displaying behaviour that could indicate problem gambling the operator failed to deliver interaction that could have prevented harm.
The investigation also revealed the operator failed to comply with money laundering regulations, including not establishing customers’ source of funds.
As part of a settlement with the Commission Gamesys will return £460,472 of stolen money to victims and pay £690,000 as a payment 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: “It is vital that operators understand their customers – track their online gambling and step in quickly when they suspect someone is suffering from gambling harm.
“These key steps and processes ensure they meet both their anti-money laundering and social responsibility obligations for all customers.
“Gamesys’ approach resulted in a variety of failings and saw stolen money flowing through the business – with customers being put at risk of gambling related harm.”
