Finance

UK Gambling Commission Regulates Against Online Casinos

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The UK Gambling Commission is forcing regulatory action on a number of online casinos in the country. The move comes as a result of the commission attempting to control problems of money-laundering and gambling addiction.

British gambling operator CZ Holdings has had its license revoked after a review found it didn’t meet expectations and several other operators have been fined.

A total of almost £14 million in fines has already been imposed by the commission to companies that don’t enact sufficient controls to curb money laundering and other illicit activities. The most substantial penalty issued so far is £7.1 million to gambling firm Daub Alderney, with smaller fines of £5.8 million for Casumo and £1 million to Videoslots.

Six more investigations are underway and nine operators have been issued Advice as to Conduct letters. Furthermore, three Personal Licence Holders have had to surrender their licenses and four more have been issued with warnings.

UK Gambling Commission CEO Neil McArthur spoke of the new developments:

We expect operators to know their customers and to ask the right questions to make sure they meet their anti-money laundering and social responsibility obligations.”

Mark Hartley

After ten years working for trading and brokerage firms in the city of London, Mark is now a freelance journalist and writer for various finance and technology publications. In between reading up on the latest developments in fintech, he spends his time traveling the world by bicycle.

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