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Gambling Firms Unable to Get It Right Faced A Total of Euro 50 million in Fines For 2020 malta,Online products and services casino brokerage,Online products and services hotel brokerage,latest-news malta, aacasino solutions malta

30/12/20 - Gambling Firms Unable to Get It Right Faced A Total of Euro 50 million in Fines For 2020

The Rogues Gallery of Gambling Firms in 2020

 

 

Gambling companies pay high salaries to the executives and management and some appear to not fully understand the nature of the gambling industry. Poor decisions have been made and the cost is deferred to the employees and the customer but that's OK, money grows on trees, right?.

 

Here is a look back at the atrocities of land-based and online gaming companies during the past year;

 

 

Thursday 9th of January 2020 - Blackrock Media Fined €2,340,000

Malta MGA fines Blackrock Media €2.4m for servicing unauthorised transactions

 

Details

Blackrock Media Limited (the ‘company’) has paid a total financial penalty of €2.34 million for operating a gaming service through a Maltese legal entity without being in possession of the necessary authorisation.  Joint investigations by the Malta Gaming Authority and the Executive Police resulted in the determination that the company was processing payments to and from players as part of a gaming service that was not duly authorised.

 

Regulator: Malta Gaming Authority - Malta

 

 

Friday 14th of February 2020 - GVC Australia Fined €129,500

 

Details

In the biggest ever fine of its kind in NSW, Ladbrokes and Neds were yesterday convicted and ordered to pay a total of $207,500 for offering illegal gambling inducements to NSW residents.

Under current NSW law, wagering operators found guilty of promoting inducements to gamble, face fines of up to $110,000 per offence and company directors can be criminally prosecuted.

 

 

Regulator: NSW Liquor & Gaming - Australia

 

 

Thursday 27th of February 2020 - Mr. Green Fined €3,322,000

William Hill Owned Company Mr. Green fined for 'systemic failings'

 

Details

Mr Green will pay £3m to the National Strategy to Reduce Gambling Harms because it failed to have effective procedures aimed at preventing harm and money laundering.

 

 

Regulator: UK Gambling Commission - United Kingdom

 

 

Thursday 12th of March 2020 - Betway Fined €12,850,000

Record €12.8m UK gambling fine meted out to Betway

 

Details: Betway is to pay £11.6m, alongside implementing a package of measures, for a series of social responsibility and money laundering failings linked to dealings with seven of its high spending customers.

 

 

Regulator: UK Gambling Commission - United Kingdom

 

 

Friday 20th of March 2020 - Kindred Group Fined €10,000,000

Kindred Group hit with €10 million fine by Swedish Regulator

 

Details: The Swedish Gambling Authority has issued a SEK 100m to the Kindred Group after its Spooniker subsidiary was found to be non-compliant with the country’s new Gambling Act.

 

 

Regulator: Spelinspektionen. - Sweden

 

 

Thursday 2nd of April 2020 - Caesars Entertainment UK Fined €14,400,000

Systemic failings at Caesars Entertainment leads to the departure of three senior managers and sanctions of €14.4m

 

Details

Caesars Entertainment UK Limited is to pay £13m and must implement a series of improvements following a catalogue of social responsibility, money laundering and customer interaction failures including those involving ‘VIPs’.

As a result of this investigation, three senior managers at the company surrendered their personal licences.

 

 

Regulator: UK Gambling Commission - United Kingdom

 

 

Wednesday 8th of April 2020 - Triplebet Ltd Fined €820,000

Betting exchange Matchbook Parent Company Fined €820,000 after an investigation reveals serious failings

 

Details: The UK gambling authority found “serious failings” in Triplebet's approach to anti-money laundering, the monitoring of business relationships and due diligence checks into members of gambling syndicates.

 

 

Regulator: UK Gambling Commission - United Kingdom

 

 

Wednesday 20th of May 2020 - Glitnor Services Ltd, Fined €40,000

Swedish Regulator fines Glitnor’s Lucky Casino for unauthorized live casino online games

 

Details: Glitnor Services Limited receives a warning and penalty fee of SEK 400,000 after offering games that are not covered by the company's Swedish license for commercial online games.

 

 

Regulator: Spelinspektionen. - Sweden

 

 

Monday 28th of September 2020 - BGO Entertainment Fined €2,200,000

Social responsibility and AML control failures lead to €2,200,000 Fine

 

Details: systemic failings with its social responsibility and AML controls, which affected a number of customers playing on its online casino properties.

 

 

Regulator: UK Gambling Commission - United Kingdom

 

 

Monday 28th of September 2020 - NetBet Fined €828,000

Netbet fined €828k after the regulator finds inadequate AML controls and significant shortcomings for its responsible gambling policies and procedures.

 

Details: Regulator found inadequate AML controls and significant shortcomings for its responsible gambling policies and procedures.

 

 

Regulator: UK Gambling Commission - United Kingdom

 

 

Monday 28th of September 2020 - GAN PLC Fined €51,000

Regulator hits GAN PLC with €51,000 fine due to social responsibility, risk assessment and AML failures

 

Details: Social responsibility, risk assessment and AML failures

 

 

Regulator: UK Gambling Commission - United Kingdom

 

 

Wednesday 4th of Novemberber 2020 - Silverbond Enterprises Ltd GBP10,000,000 licence for the Park Lane Casino, London is revoked

The Licensee’s failure to provide full and proper explanations with supporting evidence timeously the Commission is not satisfied as to the source of funds (SOF) used to acquire and support the Licensee at the time of the change of corporate control or to whom future profits of the Licensee would be paid. The UK regulator is now informed that Silverbond Enterprises Ltd has appealed against the decision to revoke its licence and therefore licence revocation is stayed until the outcome of that appeal. 

 

DetailsAnti-Money-Laundering failures

 

 

Regulator: UK Gambling Commission - United Kingdom

 

 

Thursday 12th of November 2020 - Boylesports Enterprise Fined €3,100,000

BoyleSports fined for Anti-Money-Laundering failures

 

Details: The regulator revealed that the operator failed to have an appropriate money laundering risk assessment in place. It was also found that its anti-money laundering policies, procedures and controls were unsuitable and therefore could not be implemented effectively.

 

 

Regulator: UK Gambling Commission - United Kingdom  

 

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