The UK Gambling Commission (UKGC) is reported to have announced the launch of a formal investigation into 17 gambling operators over alleged anti-money laundering and social responsibility concerns.
The report, by The Guardian newspaper, states that the regulator may also be forced to revoke the licenses of up to five of these firms.The operators have all been contacted by the UKGC, according to the report, expressing the “serious nature” of the findings of an initial review, which was launched to check how well companies were combatting money laundering, problem gambling, and terrorist financing.
What happened?
The companies have not yet been named, but the report states that the preliminary review by the UKGC uncovered failings at 17 operators, which including hiring money laundering officials who could not define, let alone identify, money laundering.Other problems included some of the operators failing to intervene when it became apparent that customers were suffering with the effects of problem gambling.
Duty to protect customers
CEO of the UKGC, Sarah Harrison, who is due to step down next month to take a job in the government, stated that it is “vital that the gambling industry takes its duty to protect consumers and keep crime out of gambling seriously.”Harrison added that the investigation was “just one example of how we will be relentless in turning that vision into reality.”Harrison went on to say:“As the online sector continues to grow and now accounts for a third of the British gambling market, it is right that we maintain a sharp focus on online gambling,“That is why in addition to our work on compliance among online casino operators, we have also been conducting a wider ranging review of online gambling looking at how the market has evolved and to identify where further action can be taken to make gambling fairer and safer for consumers.”