For anti-money laundering failures and social responsibility, online casino and sportsbook operator Casumo has fined £6 million by the UK Gambling Commission (UKGC).
A Malta-based online gambling firm Casumo offers sports betting, table games live and internet slots. Malta Gaming Authority and UKGC gave a license to the company to operate remote gaming.
On five occasions, Casumo failed to intervene with the laxer customers who were losing money in a large amount, said the Gambling Commission. According to the regulations of UKGC, the investigation requires the iGaming operator for the client’s bankroll, whose activity indicates creating problems in gambling.
Without being subject to a sensible wagering check over three years, a customer lost more than $1.5 million, says the UKGC. Without any information to the responsible gaming agents of Casumo, in a single month, another loss takes place at nearly $90,000. Without being reviewed, $105,000 lost by a third person.
UKGC cites seven examples of failing to protect the online platform adequately from being used to launder money.
In November 2014, UK Casumo got its iGaming license. In July 2019, it obtained its sports betting license.
Against Casumo, a hefty fine has handed put down by UKGC for the second time. For failing to check in on high-stakes gamblers, for contravening anti-money laundering measures and other similar regulatory filings, $8 million became the penalty amount for the iGaming operator in 2018.
Casumo claimed that since 2018 it improved its social responsibility protocols and anti-money laundering act. Covid-19-year 2020 became the arrival of new clients, and some fell over the rifts.
Crackdown of UKGC
As the gambling industry is damaging society, it needed more rigorous surveillance, according to the critics.
The gaming operators who lack proper anti-money laundering measures and current mandates face a hefty fine by the UKGC. Last year, a record of £13 million fine was delivered to Caesars Entertainment by the Commission because Caesars Entertainment allowed gamblers with known problems to lose at the UK casinos.