The UK Gambling Commission (UKGC) has hit two online betting companies based in Malta with huge fines after they were found to have broken anti money laundering regulations, while a third Maltese company has handed in its licence voluntarily.
Swedish-owned company Casumo, which is based in Malta, has been fined €6.5 million, while Videoslots, also held by Swedish owners, was hit with a €1.1 million penalty, and CZ Holdings, based in Birkirkara, surrendered its UK license after discovering it was under surveillance.
Although the companies are all based in Malta, the irregularities related to money laundering occurred in the UK, giving the UKGC the right to enforce its strict anti-money laundering rules.
In addition to the heavy fines, the UKGC has also added two senior managers at Casumo to its register of people sanctioned for regulatory failings. The two individuals: CEO Oscar Simonsson and Matthew Borg Manchè, the company’s money-laundering reporting officer, received official warnings from the UKGC and any further infringements will result in their being banned from operating any gambling company in the UK market.
Advice To Conduct
As well as the three Maltese operators, the UKGC also said that it had taken action against several other operators, which have been served with ‘advice to conduct’ letters, and another six gambling companies were said to be currently under investigation.
Speaking about the fines, the CEO of the UKGC, Neil McArthur, expressed his hope that their action would cause other online casino operators to take the issue of money-laundering more seriously as the UKGC had found that many companies were falling short.
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