UKGC issues official warning
The UK Gambling Commission (UKGC) has issued mobile casino gaming operator Intouch Games Limited with an official warning and ordered it to pay a £3.4m ($4.7m) fine.
social responsibility, money laundering and marketing failures”
The punitive action comes after an assessment into the Birmingham-based gambling operator by the UKGC uncovered “social responsibility, money laundering and marketing failures.”
The UKGC shared the news of its ruling on March 17 via Twitter:
Intouch Games must also instruct independent auditors to conduct an audit that ensures “full compliance with the licence conditions and codes of practice,” the regulatory body stated in a news release.
Intouch Games’ license type is for remote bingo, casino, and gambling software.
Intouch fails anti-money laundering protocols
The UKGC news release listed a raft of anti-money laundering failings Intouch Games fell foul of. These included inappropriate customer due diligence and not critically reviewing source of funds information when demanded.
An additional failing involved not having a risk assessment in place that took into consideration the risk customers incurred when using a payment provider that “also acts as an exchange for crypto-currencies.”
UKGC executive director Richard Watson said: “Through our challenging compliance and enforcement activity we will continue our work to raise standards in the industry and continue to hold failing operators to account.”
Gaming Commission having a busy March
The Intouch Games ruling comes after the UKGC’s March 12 suspension of the operating license of European soccer betting exchange operator BetIndex Limited for activities not carried out under a condition of the license.
Bettors with holdings on BetIndex’s Football Index platform reacted angrily after a change in terms by the firm on its maximum dividend structure saw share prices drop by 90% or more.
The share price of Borussia Dortmund wunderkind Jadon Sancho illustrates just how dramatic the crash was. On March 5, Sancho’s shares were selling at £7.52 ($10.39). By March 7, the England soccer player’s shares had dropped to 72p ($0.99).