The Gibraltar Gambling Commission has reached a £45,000 regulatory settlement agreement with an unnamed operator over responsible gambling failures.
The failings stemmed from policies and procedures with higher-risk customers, mostly aged between 18 and 24.
Though the regulator added that there has been incremental improvements to the operator’s policies.
The licence holder failed to revise a customer’s deposit limit despite a source of funds and wealth check that made the previous limit “inappropriate”.
The operator said this was down to human error and that the limit should have been “revised downwards” to better reflect the player’s income.
The commission also found the operator had not carried out any recent independent audit of its anti-money laundering (AML), CFT (countering the financing of terrorism) or CPF (counter proliferation financing) systems or controls.
The regulator highlighted that the operator had been made aware of these issues in the past and had been slow to act on advice to rectify the shortcomings.
Despite the failings, the commission added there was no evidence of money laundering or terrorist financing taking place and that the operator was still considered fit and proper to hold a licence.
A public statement read: “The learning points from this case are that licence holders should immediately act on remediation advice and ensure operational effectiveness when updating policies and procedures.
“In addition, a ‘threshold’ approach needs to be bolstered by internal triggers that detect higher risk behaviour that occur below general thresholds, utilising a risk-based approach.”
Earlier this year, Gibraltar was provisionally delisted from the European Commission’s list of high-risk jurisdictions for money laundering and terrorism financing.
The post Gibraltar Gambling Commission reaches £45,000 settlement with unnamed operator first appeared on EGR Intel.
Licencee failed to uphold responsible gambling procedures, including an incident where it neglected to revise a customer’s deposit limit
The post Gibraltar Gambling Commission reaches £45,000 settlement with unnamed operator first appeared on EGR Intel.