Gaming Co. Forks Out £1.6M For Money Laundering Failings
Law360, London (June 13, 2019, 4:40 PM BST) -- The U.K.’s gambling regulator said Thursday that it has ordered an online betting company to pay £1.6 million ($2 million) after a failing in its anti-money laundering safeguards allowed a convicted fraudster to gamble away over £600,000 in stolen funds.
An investigation by the Gambling Commission found that Platinum Gaming Ltd. breached anti-money laundering regulations because the company failed to investigate the source of the funds used by the gamer. The fraudster’s deposits and losses were so high that this should have raised alarm at Platinum Gaming and prompted it to bar the member from gambling, the watchdog said.
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!