The UK Gambling Commission has fined betting exchange Smarkets £630,000 (€747,037/$769,149) after identifying a series of anti-money laundering and social responsibility failures.
according to regulatorSmarkets allowed customers to gamble without performing sufficient source of funds checks, and operators were also found to be unable to identify and interact with at-risk customers. did.
A specific example disclosed by the Commission involved one customer who was allowed to deposit £395,000 over a period of four months without proper source of funds checks by Smarkets.
The Commission also highlighted cases in which individuals were able to transfer significant levels of funds between accounts without scrutiny or checking of the source of the funds.
As such, the regulator has ruled that Smarkets has violated License Condition 12.1.1 on Anti-Money Laundering Procedures and Practices. Smarkets was also found to be in violation of Social Responsibility Code of Conduct (SRCP) 3.4.1 on Customer Interactions and also failed to act in accordance with its regular Code Clause 2.1.2. This is also related to money laundering.
Operator has been formally warned and has effectively implemented anti-money laundering and social responsibility policies, procedures and controls in line with section 117(1)(b) of the Gambling Act 2005 audited to make sure
“This case reiterates how we act against gambling operators who have been identified through compliance checks and disappointed customers,” said Sarah Gardner, deputy chief executive of the commission. said.
“Our investigation of Smarkets uncovered a range of failures that put customers at risk of becoming victims of gambling. It was clear that there was, and led to these violations.”
The financial penalties come after the Commission last week fined online operator LeoVegas £1.3m for its social responsibility and anti-money laundering failures.
