The UK Gambling Commission has today issued a warning to online gambling operators in Britain following the suspension of license for Genesis Global Limited, along with the issuing of a hefty fine totalling £3.8 million.
Genesis Global Limited, a large online gambling operator in the United Kingdom, was suspended from operating in Britain following the revealing of social responsibility and money laundering failures.
The operator, known for its front-end brands Genesis Casino, Casino Planet and Casino Cruise among others, has also been warned by the Gambling Commission and informed that it will undergo more extensive auditing.
UKGC executive director Helen Venn has issued a warning to other gambling related companies in the country that the Commission will always ensure the safety of consumers and that it will use all tools at its disposal to stop businesses, such as online casino operators, from operating.
During the investigation of Genesis Global, the operator was found to have failed on a number of counts of social responsibility and money laundering, including failure to carry out checks and interactions with customers that were gambling large amounts of money in a short space of time.
Money laundering failures by the operator included the failure to check funding sources and failure to verify customer information.
Helen Venn of the UKGC commented:
All gambling businesses should pay very close attention to this case.
The Commission will use all tools at its disposal to ensure consumer safety and that extends to stopping a business from actually operating.
Failing to follow rules aimed at keeping gambling safe and crime-free will never be a viable business option for gambling businesses in Britain.
The failures included a NHS nurse earning £30k per year, who spent £245k in a three month period, a customer who lost £234k in just six weeks and another customer who, the operator failed to verify or identify a funding source for, that spent £1,300,000, among others.
Full details of the failures and the full penalty to the operator can be found on the UKGC website.