QuinnBet, an online betting platform, has agreed to pay £609,104 ($830,501) to the UK Gambling Commission following a review that identified significant shortcomings in its anti-money laundering (AML) and responsible gambling procedures. This settlement pertains to issues occurring between March 2023 and August 2023.
Of the total amount, £193,118 will be directed to the UK Gambling Commission, while the remaining funds will cover the costs associated with the Commission's investigation. The money from this settlement will contribute to the UK Consolidated Fund.
Several troubling incidents were cited in the investigation. For example, one customer reported a monthly income of £2,000 while depositing £9,000 within four days. In another case, a customer deposited £120,000 over three months without verifying the source of the funds. Furthermore, technical issues allowed nearly 200 users to bypass their deposit limits unintentionally.
The Commission also determined that QuinnBet lacked adequate measures to protect customers from irresponsible gambling behavior. In an alarming instance, the company received no alerts despite one customer placing around 4,800 bets in one day and 7,000 the next.
John Pierce, the Director of Enforcement at the Gambling Commission, emphasized the severe implications of ineffective systems and controls that fail to promptly detect and respond to harmful behavior and financial misconduct. He reiterated the expectation that operators must ensure their safety measures are practically effective in safeguarding consumers and preventing crime in gambling.
This latest action comes on the heels of the Gambling Commission penalizing other operators, including a £150,000 fine for Holland Park Leisure due to its failure to engage with the mandatory multi-operator self-exclusion scheme. The Commission’s focus on AML and safer gambling compliance remains resolute across the regulated market in Britain.
