The owner of the betting exchange Matchbook, which is operated by the Irish technology company Xanadu Consultancy, has faced a fine of €845,000 (£740,000) because of serious failures in the anti-laundering measures it had adopted.
The fine was imposed on Guernsey-based Triplebet, which currently holds the UK operating licence of Matchbook after an investigation was held by the country’s major gambling regulatory body, the UK Gambling Commission (UKGC). Also, the findings of the UKGC and the measures taken against the company in the UK do not affect its permission to offer betting services on the territory of Ireland.
As revealed earlier, the investigation initiated by the UKGC found failures in the approach used by Triplebet regarding anti-money laundering, due diligence checks into gambling syndicates’ members and monitoring of the latter’s business relationships. There were also serious failures in the social responsibility measures of the gambling operator.
The UK Gambling Commission revealed there were a few cases where the company had permitted customers to gamble large amounts of money without even checking the source of wealth or funds. As it became clear at the time, in one case, a player was allowed to gamble away more than £2 million in a single day without even being asked to provide proof of the checks’ source.
Matchbook’s UK Licence Was Suspended with Immediate Effect in February 2020
As explained by the UKGC, the main customers of Triplebet was a syndicate, whose major contributor was a professional gambler, who also held a “beneficial interest” in the betting firm. Over an 18-month period starting in November 2016, the syndicate allegedly matched bets on the betting exchange service offered by Matchbook totalling €51 million, without providing any documents regarding risk assessment.
Triplebet has been claiming that it had been in line with all of the recommendations of a compliance consultant who was appointed in 2019. The gambling company also insists that it remains committed to complying with all regulations of the UK’s gambling watchdog.
As Casino Guardian reported in February, the owners of the sports betting exchange revealed they accepted the findings of the UKGC and said they continue to take seriously all responsibilities of a gambling operator. At the time, the gambling watchdog revealed that the company had been facing an operating licence review under s116 of the country’s 2005 Gambling Act. It was also determined to suspend Matchbook’s licence to an extent that would provide the gambling operator with the chance to offer online facilities for pool betting and online casino operations. The gambling regulator also shared that the company would be allowed to continue operating as a betting intermediary.
The operating license of Triplebet took immediate effect. As mentioned above, the suspension of the company in the UK would have no effect on its operations in Ireland.
- Author
Olivia Cole
