Gambling firm hit with AML Regulatory Failures fine…The first of many? – Ocreus Group

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Online gambling firm Mr Green, which is owned by William Hill, is to pay £3m because it failed to have effective procedures to prevent harm and money laundering, the Gambling Commission has said.

The commission said that as a result of these failures, the company:

Failed to responsibly interact with a customer who won £50,000, gambled it away and deposited thousands more pounds
Took 10-year-old evidence of a £176,000 claims payout as satisfactory evidence of source of funds for a customer who deposited more than £1m
Accepted a photograph of a laptop screen showing currency in dollars on an alleged crypto trading account as adequate source of funds.

Gambling Commission executive director Richard Green said: “Our investigation uncovered systemic failings in respect of both Mr Green’s social responsibility and AML controls which affected a significant number of customers across its online casinos.”

The £3m paid by Mr Green will go to the National Strategy to Reduce Gambling Harm.

If you need advisory, review or remediation around this subject matter, please contact the OCREUS Group or see OCREUS.com

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