The UK Gambling Commission fined online casino operator Casumo £6 million because of historic social irresponsibility and money laundering claim.
The casino must pay for the excessive independent audit. This company gets warned further officially. That means if the regulator notices any violations or rules breaking, the Gambling Commission could revoke this company’s license.
The UK Gambling Commission’s watchdog identified the local code and regulations violation on an audit between 2019’s October to 2020’s January.
The agency figures out the casino’s problematic wagering patterns. And it was disobeying the regulations about implementing policies and procedures for consumer interaction. These reasons claimed for social responsibility violations.
The regulator showed, one player lost more than £1.1 million within three years. The second person lost £65,000 in one month, and the other one lost £76,000 within seven months, only for such kind of procedure lack. Casumo never placed any responsible gambling communication to these three gamblers.
Another incident revealed that one customer lost £59,000 within one and half hours, and another lost £89,000 over five hours. This casino operator failed to reach the customer via Gambling Commission consumer interaction and social responsibility guidance.
AML Violation
The Gambling Commission also find out many anti-money laundering violations through investigations in the Casumo casino. Casumo allowed lots of gamblers to deposit a massive amount without AML verification. It also didn’t correctly assess the player’s bank statements.
There were no sufficient ID documentation checks and no bound-on deposit and spend based on the customer’s income. Casumo couldn’t show any evidence to assure its AML procedures, policies, and control obliged effectively.
The operator noted that it collaborated with the agency and took necessary actions to solve those highlighted issues.
Shelly Suter-Hadad, the CEO of Casumo Casino, push hard to implement strict controls. In January of 2020, she went on board for her experience and knowledge of the compliance-led gambling business.
In the late period of 2018, the UK Gambling commission fined this operator £5.85 million for a similar violation as the present.