The post UKGC Hits NetBet With £650k Fine for AML, Social Responsibility Failings appeared first on Vegas Slots Online News.
NetBet Enterprises Limited is the latest operator to get hit with a fine from the UK Gambling Commission (UKGC) over anti-money laundering (AML) and social responsibility issues. The company operates the NetBet online gambling site in the UK, which includes a sportsbook, online casino, and poker section.
The £650,000 ($846,079) penalty isn’t as large as the one it had to pay in 2020. In October 2020, it paid a £748,000 ($973,641) penalty for similar issues. The money from NetBet’s latest fine will go toward socially responsible causes.
The UKGC identified failings in the operator’s AML systems, including instances where customers exhibiting concerning behavior were incorrectly categorized as low risk. One of the main social responsibility failures was not identifying indicators of harm, like overnight play or escalating gameplay, in a timely manner.
provided inaccurate info when submitting standard regulatory returns
The UKGC also discovered that NetBet provided inaccurate info when submitting standard regulatory returns.
Talking about this latest enforcement action, UKGC Director of Enforcement John Pierce said that the operator will also need to undergo a third-party audit to ensure all of its systems are up to the necessary standards.
The post UKGC Hits NetBet With £650k Fine for AML, Social Responsibility Failings appeared first on Vegas Slots Online News.
