The post Unibet Parent Company Hit With £10m Fine from UK Regulator Over Social Responsibility Issues appeared first on Vegas Slots Online News.
The UK Gambling Commission (UKGC) has fined Unibet’s parent company, Platinum Gaming Limited, £10m ($13.3m) after uncovering extensive anti-money laundering (AML) and social responsibility issues. The decision, announced on Wednesday, states that the operator will also be subject to a third-party audit to ensure that its systems and procedures are up to standard.
The UKGC noted specific examples of social responsibility failings, including one instance where the customer interaction system failed to flag a customer as being at risk despite the person losing £5,000 ($6,665) within a day of creating an account and losses building to over £16,000 ($21,325) in less than three months.
In terms of the AML issues, players whose accounts were closed before 2023 for terrorism funding or money laundering reasons were able to open new accounts and resume their online gambling. There was also a lack of consideration for high-risk transactions, losses, and occupations when undertaking account reviews.
called on the company’s senior leadership to take ownership of the situation
Talking about the £10m ($13.3m) fine, UKGC Director of Enforcement John Pierce said that the case is “particularly disappointing” after the industry as a whole has made good progress in reducing unchecked high spending. He called on the company’s senior leadership to take ownership of the situation and ensure that the necessary changes are implemented. This isn’t the first penalty the UKGC has dished out, as Platinum Gaming was previously hit with a £3m ($4m) penalty from the UKGC in March 2023 for similar transgressions.
The post Unibet Parent Company Hit With £10m Fine from UK Regulator Over Social Responsibility Issues appeared first on Vegas Slots Online News.
