Lottoland fined by €760k for money laundering

Lottoland fined by €760k for money laundering

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Posted by: AffPapa

The Gibraltar-regulated iGaming operator – Lottoland (EU Loto), has been fined by the Gambling Commission by €760k, in relation to money laundering.

Failing to comply with certain money laundering and social responsibility related regulations in the time period of fall 2019 to 2020, Lottoland has been issued with a formal warning by the Gambling Commission.

In regards to money-laundering practices, Lottoland had a record of inadequately analyzing player bank statements when verifying an address, letting players register with third-party deit cards, as well as failing to restrict those players’ accounts in many cases.

The operator is also said to have been relying too firmly on non-effective threshold triggers for financial risk.

When it came to social responsibility protocols, the operator failed to provide adequate financial and affordability assessments for its customers, flag players who frequently changed deposit limits as harmful, as well as interact sufficiently with high-risk customers.

The Gambling Commission’s CEO – Helen Venn, warned all operators to comply with regulations, as well as pay close attention to others in case they fail to meet the UKGC elevated standards for casino operators.

Lottoland’s Chief Executive Officer – Nigel Birrell, addressed the issues by saying:

“EU Lotto is fully committing to the British compliance standards, and we are taking all necessary action to address the compliance failings issued by the commission.”

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