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13 Jul 23
23:22
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11 Jan 11
STAR SPORTS HIT WITH £594,000 FINE BY GAMBLING COMMISSION13th July 2023 9:42 am GMT | Last updated: 13th July 2023
Britain’s Gambling Commission has issued online bookmaker Star Racing with a £594,000 penalty for anti-money laundering and social responsibility failures.
The operator, which trades as Star Sports, has also been given an official warning and had conditions added to its licence for failings that occurred between March 2020 and May 2021.
Anti-money laundering failures included having ineffective policies, procedures and controls in place at the time of the compliance assessment, allowing customers to deposit large amounts before obtaining source of funds information, and failing to analyse source of funds information when it was obtained.
Social responsibility failures included not demonstrating an understanding of the impact and effectiveness of customer interactions in terms of the minimisation of customer risk.
As a result, the regulator has imposed a financial penalty of £594,000 under section 121(1) of the Act 2005, and given Star Racing a warning under section 117(1)(a) of the Act.
Attach additional conditions to the licensee’s operating licence under section 117(1)(b) of the Act require Star Racing to conduct risk based due diligence on the third parties it transacts with.
Britain’s Gambling Commission has issued online bookmaker Star Racing with a £594,000 penalty for anti-money laundering and social responsibility failures.
The operator, which trades as Star Sports, has also been given an official warning and had conditions added to its licence for failings that occurred between March 2020 and May 2021.
Anti-money laundering failures included having ineffective policies, procedures and controls in place at the time of the compliance assessment, allowing customers to deposit large amounts before obtaining source of funds information, and failing to analyse source of funds information when it was obtained.
Social responsibility failures included not demonstrating an understanding of the impact and effectiveness of customer interactions in terms of the minimisation of customer risk.
As a result, the regulator has imposed a financial penalty of £594,000 under section 121(1) of the Act 2005, and given Star Racing a warning under section 117(1)(a) of the Act.
Attach additional conditions to the licensee’s operating licence under section 117(1)(b) of the Act require Star Racing to conduct risk based due diligence on the third parties it transacts with.
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Often the money is given to the victims of crime in the case of problem gamblers stealing or using other nefarious means to get hold of money, for example. Other fines will be paid towards efforts to reduce gambling related harm or towards similar charities that are aimed at helping and protecting vulnerable people, where such a move would be relevant.
From OP:-
Anti-money laundering failures included having ineffective policies, procedures and controls in place at the time of the compliance assessment, allowing customers to deposit large amounts before obtaining source of funds information, and failing to analyse source of funds information when it was obtained.
In other words, Star Sports was fined for not making the intrusive checks people on here complain about.
Anti-money laundering failures included having ineffective policies, procedures and controls in place at the time of the compliance assessment, allowing customers to deposit large amounts before obtaining source of funds information, and failing to analyse source of funds information when it was obtained.
In other words, Star Sports was fined for not making the intrusive checks people on here complain about.
I spend £50 a week on lotto another company chances me winning are not the best unless is a miracle means I go over £125 net loss within a month am I doomed the the intrusive see your stuff checks think best I stop my lotto playing now.
Jul 14, 2023 -- 1:43AM, Ramruma wrote:
From OP:-Anti-money laundering failures included having ineffective policies, procedures and controls in place at the time of the compliance assessment, allowing customers to deposit large amounts before obtaining source of funds information, and failing to analyse source of funds information when it was obtained.In other words, Star Sports was fined for not making the intrusive checks people on here complain about.
Very True Ram
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