Gambling Commission fines Smarkets 630,000 pounds

Gambling Commission fines Smarkets 630,000 pounds

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Gambling Commission fines Smarkets 630,000 pounds

Gambling Commission is fining Smarkets  for anti-money laundering and social responsibility shortcomings.

Smarks need to pay 360 thousand pounds as it was found out by Gambling Commission that for clients gambling was not allowed without proper verification of the sources of funds, as well as the inability to identify and interact with those at risk of harm.

Additionally, Smarks also got a formal warning and will go through an audit.

“We accept gambling commission’s findings. During this process we have been directly working with the commission, and we took serious measures to follow their recommendations by investing heavily in our compliance function. We are responsible for having appropriate policies. We are going to keep working with the commission and other stakeholders to make sure that we will improve our procedures.”

commented the founder and the chief executive officer of Smarks – J. Trost.

The shortcomings identified during the audit include that one client was allowed to deposit 395 thousand pounds for four months without checking the relevant source of funds.

“This case was acknowledged by compliance checks and underlines how we are going to take actions against those operators who do not succeed and fail their customers. With our investigation we found out that many clients were at risk. It was clear that there were substandard systems and processes that contributed to these violations caused by the brands’ inability to implement its policies and controls.”

added S. Gardner, Deputy Chief Executive Officer at Gambling Commission.

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