A £45,000 regulatory settlement has been reached in Gibraltar with a licensee who had shortcomings in remedial actions implemented after an initial investigation was conducted. The company in question hasn’t been named; however, the Gambling Commissioner mentioned that although policies and procedures for customers aged 18-24 were improved, the improvements weren’t sufficiently effective. The licensee
A £45,000 regulatory settlement has been reached in Gibraltar with a licensee who had shortcomings in remedial actions implemented after an initial investigation was conducted.
The company in question hasn’t been named; however, the Gambling Commissioner mentioned that although policies and procedures for customers aged 18-24 were improved, the improvements weren’t sufficiently effective.
The licensee also had a case where they must have pushed down the net deposit limit after receiving customer documentation about the source of funds and wealth of a player, but it wasn’t applied. Following this, the licensee admitted this as a human error and agreed that the limit should have been applied.
The unnamed company is now conducting an independent review after the Commissioner found no evidence of an anti-money laundering and counter-terrorist financing audit.
The Commissioner stated:
“The matters identified had all been issues that had been the subject of previous public statements, and one aggravating feature was that the license holder had been slow to act on previous advice to remediate identified issues effectively. The focus here has been on outcomes, and there is no suggestion of bad faith. The learning points from this case are that license holders should immediately act on remediation advice and ensure operational effectiveness when updating policies and procedures.”
The regulator has also urged that a threshold approach has to be applied by internal triggers that identify higher-risk behavior in players.
Despite the investigation, the Commissioner has noted that the license holder had put a lot of effort into the compliance and governance aspect, and it is fit to continue to have a license.