Alderneysubsidiary NOVOMATICand trade low casino admiral in the United Kingdom reached an agreement with the country’s gambling regulator.
The UK Gambling Commission and Greentube agreed to pay the casino £1 million towards various social responsibility causes after an investigation into the brand’s practices found it was failing to comply with key clauses of the licensing agreement, particularly anti-money laundering. money. (AML) and financing of terrorism (CFT), and deficiencies in social responsibility.
Greentube Alderney to pay settlement money to social causes
This is the latest enforcement action Greentube has faced in the UK since 2021, when the company was ordered to pay £685,000 for money laundering and social responsibility breaches.
The decision was published on the UK Gambling Commission website. home page on Thursday, Jan. 9, describing the investigation, the alleged violations and the settlement decision. The violations refer to the period between September 2022 AND June 2023.
The regulator has detailed each of the violations it has recorded following an exhaustive investigation into admiralcasino.co.uk and its operator. From a social responsibility perspective, the brand is said to have failed to enforce policies to ensure that customer limits are based on regular and sustainable income.
The casino also failed to comply with its own internal policies to ensure the authenticity of customer documents, and the watchdog also cited deficiencies in its process for timely identifying potential damages.
Regarding the failures in the fight against money laundering, the regulator highlighted several key points. Admiral Casino was found to have failed to timely review the available information it received, resulting in “an avoidable delay in identifying and potentially escalating money laundering and/or terrorist financing risks.”
One particular case involved complex and unusual transactions involving large sums of money, including those exceeding £100,000.
Casino Admiral also does not always mark the “appropriate”high risk» professions, that is, people who have access to other people’s funds and can use casinos, for example, to launder money. The specific case involved a financial manager.
Lack of thorough policy enforcement is costing Greentube again
The UK Gambling Commission has gone to great lengths to list all alleged defects and describe them in detail. UKGC Compliance Director John Pierce commented on the latest agreement reached with the company.
“While we noted that there had been significant overall improvements in the business, even more regulatory violations were identified. The operator then had to quickly implement an effective action plan to address all identified deficiencies,” Pearce explained.
In general, all operators must ensure that their business operations do not violate current regulations to protect consumers from harm and keep the industry clean, he added. “We will continue to monitor this operator to ensure that it continually meets the required regulatory standards,” Pearce concluded.
The ruling against Admiral Casino came shortly after Novomatic announced that Tipico had purchased 100% of Admiral Austria for an undisclosed sum.
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