NVDA gained a massive 197% since our AI first added it in November - is it time to sell? 🤔Read more

UK's gambling regulator fines 32Red, Platinum Gaming $8.8 million

Published 23/03/2023, 07:28
© Reuters.
PL
-

(Reuters) -UK's Gambling Commission slapped a 7.1 million pound ($8.8 million) penalty on online operators 32Red Ltd and Platinum Gaming Ltd, owned by Kindred Group Plc, for social responsibility and anti-money laundering failures, the regulator said on Thursday.

"These failures highlight clearly that both operators failed to interact with customers in a way which minimises the risk of them experiencing harms associated with gambling," said Kay Roberts, executive director of the Gambling Commission.

The regulator said financial triggers for anti-money laundering reviews at 32Red were too high and not appropriate to effectively manage money laundering and terrorist financing risks, while Platinum's policies were found unsuitable.

Social responsibility errors by 32Red and Platinum included failure to identify and interact with customers who might have been experiencing the perils of gambling.

32Red, which runs 32red.com, will pay a 4.2 million pound fine, while Platinum Gaming, which runs unibet.co.uk, will cough up 2.9 million pounds, the regulator said in a statement on Thursday. ($1 = 0.8113 pounds)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.