The UK Gambling Commission has sent a letter to all online casino operators in the United Kingdom to raise concern and check their approach to anti-money laundering and social responsibility.
The Gambling Commission explained that 17 online operators have already been under the investigation and that they are considering whether five of them require a license review.
The Gambling Commission will check whether those licenses are required under section 116 of Gambling Act from 2005. If the Gambling Commission chooses to exercise their regulatory powers under section 117 of the Gambling Act and take away the licenses, those companies would no longer be able to operate in the UK.
None of the operators under the inquiry has been named by the regulator.
These investigations followed the serious and concerning nature of their findings during the thematic review of the sector’s approach to common subjects such as preventing money laundering and protecting problem gamblers. The conclusion is that many operators have failed to meet their current obligations.
The regulator stated in the letter that many operators were unable to spot signs of financial crime and compulsive gambling. Their review showed a large number of customers with potential signs of problem gambling based on their gambling pattern and spend. That behaviour however, did not trigger a customer interaction which is their obligation in such cases.
UK market gaming is rapidly growing and online gambling in particular requires thorough monitoring.
The gambling industry must protect consumers and keep crime out of gambling. Online casinos should have a duty of care towards the problem gamblers and also address money laundering more seriously. Some staff members don’t know how to spot these illegal activities or even what money laundering is so all online operators must educate their staff about the legal part of the job and also how to carry out risk assessments such as monitoring and profiling customers.
All operators have been presented with the list of things they need to undertake to review their policies concerning these matters. According to the Gambling Commission, the aim of these inquiries is to make the online gambling market both fairer and safer.
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