After an investigation, the UK Gambling Commission discovered a series of loopholes in social responsibility and anti-money laundering protocols at operator Casumo. The company has been ordered to pay a fine of £ 6million. Also, it will undergo a thorough audit and receive an official warning.
The charges against the operator Casumo
Among the breaches in terms of social responsibility identified in the investigation, singapore betting online we can note the non-implementation of policies and procedures for interactions with players when the latter carry out activities that could lead to Malaysia online casino problems.
The regulator claims a player has lost £ 1.1million, or around $ 1.51million in three years without a tailored interaction. Another player lost £ 65,000 in one month, another lost £ 76,000 in 7 months and a final player lost £ 59,000 in just 90 minutes, all without being subjected to a responsible gaming interaction.
Moreover, a string of failures in the fight against money laundering have been noted, in particular clients authorized to deposit colossal sums without AML checks being duly carried out. Such as insufficient sources on the provenance of cash checks; the bank statements produced were not evaluated correctly.
British regulator UKGC says it found that: insufficient checks were made on documents of authenticity; no estimate or limit on the amount a client should be allowed to spend based on known income, wealth or any other risk factor; winnings from other game operators accepted in the form of SOF, without further investigation; the company does not ensure that the policies and procedures of controls are applied effectively, kept under review and revised in an appropriate manner to ensure their effectiveness.
Casumo defends itself and collaborates with the commission
Operator Casumo claimed to have fully collaborated with the UK Gambling Commission on the comprehensive review of its gambling procedures in relation to compliance, started under the aegis of the previous management team.
The discoveries were made in relation to previous violations, identified during an audit carried out between October 2019 and January 2020. Discoveries made in the context of the hyper growth of the operator during its start-up phase.
The company says it has drastically reduced these failures thanks to measures adopted by new CEO Shelly Suter-Hadad, who was appointed to lead the operator for his expertise in building online gambling Singapore compliance-based gaming groups and has had operational control over them since. January 2020.
After an additional assessment carried out by the committee in July 2020, UCKG reaffirmed its view that there have been fundamental changes in AML policies, processes and controls, initiated by the new management.
Suter-Hadad the new CEO says that since joining the Casumo group, she has focused on building a new management team and personal management licensees with extensive industry experience and knowledge. paired with the expertise required to ensure the business is in compliance.
She goes on to say that after realizing that key jdl8888 business processes were broken in the past, she directly took steps to make fundamental operational changes so that the business is now a group of games with compliance and responsible gaming at the center of its priorities and its cultural identity. Efforts and total collaboration, officially recognized several times by the commission.
Richard Watson, executive director of the commission, nevertheless wished to recall that the case was triggered by a planned compliance activity. At the same time, he reminds all operators that the committee will continue to take firm action against those who fail to meet the standards.