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.

Platinum Gaming...

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