Key points:
- AML failures included not always scrutinising available information
- Greentube failed to follow its policies on social responsibility in three main areas
- The money from the fine will go to socially responsible causes
The Gambling Commission has taken action against Greentube Alderney, which trades as Admiral Casino, ordering it to pay £1m ($1.23m).
The reason for this fine from the UK regulator follows an investigation it carried out into Greentube which identified social responsibility and anti-money laundering failures.
The company was said to have breached anti-money laundering rules, including not always scrutinising available information – leading to delays in the identification and potential escalation of money laundering and/or terrorist financing risks.
On top of this, it has been said that it didn’t always follow its own policy related to risk assessment, while it didn’t always fully investigate and escalate accounts showing apparent links to other accounts.
Among Greentube’s social responsibility failings was the fact that it didn’t fully follow its policy related to ensuring customer limits are based on regular, sustainable income; it didn’t fully implement its processes regarding ensuring customer documents were genuine; and it was said to have not fully implemented its controls to identify indicators of vulnerability or potential harm among its customers.
Good to know: Greentube Alderney faced action from the Gambling Commission in December 2021 owing to social responsibility and money laundering failures
Gambling Commission Director of Enforcement John Pierce said: "This case arose from a follow-up compliance assessment designed to ensure the operator had continued to apply lessons learned from previous regulatory action.
"While we noted that the business had made significant general improvements, further regulatory breaches were still identified. The operator was subsequently required to swiftly put in place an effective action plan designed to remedy all of the identified failings.
"We want to remind all operators that any business found to breach rules designed to keep gambling safe and free from crime for a second time should expect increasingly stringent enforcement action. Any failure to uphold anti-money laundering standards is unacceptable, and today’s action reflects the gravity of the breaches identified."
In other legal news today, Manhattan’s Community Board 4 has unanimously voted against a proposed $12bn casino and entertainment complex in Hudson Yards.
