Gambling Co. Pays £1.2M To Settle British AML Probe
Law360, London (June 12, 2019, 4:01 PM BST) -- A British gambling watchdog said on Wednesday that an online betting business will pay almost £1.2 ($1.5 million) for violating anti-money laundering rules after it failed to take steps to prevent three people from spending stolen money on its platform.
The Gibraltar office of Gamesys missed warning signs that the individuals had a gambling problem, the Gambling Commission said. The company failed to establish how they got their money, a requirement of Britain's anti-money laundering rules, the regulator added.
Gamesys did not scrutinize the transactions or ask for additional documents or information to establish its customers' identities. It also failed to certify...
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