In Touch Games fined $7.6M for AML failures by U.K. Gambling Commission
By 
Aaron Nicodemus2023-01-26T19:01:00
A U.K. online gaming company was fined 6.1 million pounds (U.S. $7.6 million) by the country’s Gambling Commission for a series of anti-money laundering (AML) failures.
In Touch Games, which operates 11 gambling websites, was not adequately assessing the AML risks posed by gambling customers who live in high-risk jurisdictions, are politically exposed persons, or are linked to PEPs, among other risk factors, the commission said Wednesday in a press release.
In Touch also did not conduct adequate due diligence on the source of income of customers who lost £10,000 (U.S. $12,400) over a 12-month period, according to the agency.
Related articles
-
ArticleFormer U.K. Gambling Commission investigator on AML/CFT regulations
Recent events have put a spotlight on the role of the U.K. Gambling Commission, following its investigation into privileged information allegedly being used to bet on the date of the U.K. general election.
-
News BriefWilliam Hill fined record $23.7M for social responsibility, AML failures
The U.K. Gambling Commission announced three units of British bookmaking service William Hill Group will pay a record fine of £19.2 million (U.S. $23.7 million) for failures regarding social responsibility and anti-money laundering.
-
News BriefFinCEN again delays U.S. ban on three Mexican financial institutions
The order barring three Mexican financial institutions from doing business with U.S. financial institutions has been delayed until October.
More from Regulatory Enforcement
-
ArticleTrump tries alternative approach on California air standards agency by alleging anti-white bias
The Trump administration has intensified its fight with California as the DOJ launched an investigation into whether the state’s environmental agency is violating federal law by pursuing racial equity.
-
ArticleCFPB makes move to stake a claim against bankrupt Synapse, the fintech software company
Synapse Financial Technologies, the troubled California fintech software provider, has agreed to let the Consumer Financial Protection Bureau (CFPB) eventually file a claim on its bankrupt estate.
-
ArticleJPMorgan Chase pays $330M to settle Malaysian fund allegations
JPMorgan Chase has agreed to pay $330 million to settle allegations about its role in the massive, decades-long theft of Malaysian’s 1MDB state investment fund, the bank says. An estimated $4.5 billion was robbed from the 1MDB fund, from 2009-2014, in a scheme led by Malaysian financier, Jho Low, former ...