Another monetary penalty was unveiled by the UK gambling regulator after the latest £337,631 regulatory settlement with Vivaro Limited that it has only recently announced.
The gambling watchdog’s executive director of operations, Kay Roberts, noted that the case illustrated the regulator’s drive to impose even tighter control on the sector in order to tackle social responsibility and money laundering failings. According to Ms Roberts, it also highlighted the action taken by the competent authorities against gambling businesses that fail to be fair and open with their customers in the UK.
The UK Gambling Commission (UKGC) shared that the online gambling company TonyBet, which owns the tonybet.co.uk platform, is set to pay a fine worth £442,750. The operator will also receive a warning for its failure to feature fair and transparent terms of service, as well as for its failure to comply with anti-money laundering (AML) and social responsibility rules in the country. TonyBet also agreed to an additional condition to be attached to its operating permit under Section 117 (1)(b) of the Gambling Act 2005.
Apart from that, TonyBet will have to undergo an audit by an independent third party that is set to evaluate whether the online gambling operator is effectively implementing the social responsibility and anti-money laundering requirements.
Online Gambling Company TonyBet Found to Have Breached Several Licence Conditions
The UK Gambling Commission announced that it had held an inquiry into the company’s operations only to find that TonyBet violated its Licence Condition 7.1.1 regarding fair and transparent terms and conditions, Paragraphs 1, 2, and 3 of its Licence Condition 12.1.1. and Paragraph 1 of its Licence Condition 12.1.2, both regarding different aspects of prevention of anti-money laundering and terrorist financing, as well as its Licence Condition 15.2.16 regarding reporting key events.
Furthermore, the online gambling company breached the Social Responsibility Code of Practice (SRCP) 3.4.1 issued under section 24 of the country’s Gambling Act 2005.
As revealed by the UKGC, the unfair terms and practices published on TonyBet’s online gambling platform stated that identification documents may be requested by the company for all withdrawals but at the same time failed to require the same checks earlier. In addition, the operator stated that it could confiscate users’ winnings if customers failed to provide the required anti-money laundering documentation within 30 days. The company’s terms and conditions also stated that accounts are considered dormant after being inactive for six months when they can only be considered as such after inactivity continuing for no less than 12 months.
The UK gambling regulatory body further revealed that its investigation found some anti-money laundering failures in TonyBet’s operations included a failure to make sure that the company has appropriate controls, policies, and procedures to prevent illegal money laundering and terrorist financing, as well as a failure to conduct an adequate risk evaluation for AML and TF.
On the other hand, social responsibility failures of the online gambling company included a failure to identify users who may be at risk of facing gambling-related harm, and a failure to interact with such users in order to protect them from unwanted negative consequences as a result of their compulsive gambling.
- Author
Olivia Cole
