British authorities are threatening online casinos with license revocation

    Obtaining a license for digital gambling is tied to strict requirements. The companies are obliged to have measures to protect players in place. Misconduct in this area led to a record fine against the online casino 888 last year. The provider could avoid self-locking, which the authorities punished with a fine of eight million pounds. This time the industry could be hit even harder. Because this time the lead UK Gambling Commission brings a license revocation into play in the case of five companies because of particularly serious violations. Although the authority did not name any names in its statement, the question of who is not affected in the case of 17 companies concerned arises anyway. According to the agency, it has "significant concerns about the effectiveness of management in the casino sector" and is calling for immediate action from companies.

    Knowledge gaps and omissions

    On the one hand, the regulators are concerned with weaknesses in money laundering prevention. The online casinos failed to prepare adequate and regular risk assessments. However, it is mandatory to carry out such an assessment at least once a year, or more frequently if new payment methods are introduced. There is also no verification of suspicious payments. From deposits of 2,000 pounds or more, the providers would have to check with "due diligence" whether it could be an attempt at money laundering. This was blatantly omitted, which means that many cases are not reported. Likewise, the staff in the companies lacks specialist knowledge: According to random samples by the authority, the employees responsible for this were in several cases not able to formulate a definition of money laundering at all. The required records on suspected cases were also not created. The authority, therefore, emphasizes in its report (PDF) that it is the task of companies to train their employees accordingly. Top 5 Online Casinos in India – The Best Casino Sites for Indian Players - EastMojo
    We have identified failings by companies in preventing money laundering, auditing their customers' sources of funds, and intervening in problem gambling. We examined a large number of customer accounts and identified signs of problematic gambling based on betting behavior and bet size. In many cases this did not result in any interaction with customers.
    On the other hand, it is still about weaknesses in player protection. According to the UKGC report, the operators still do not care enough to intervene in the event of problematic gaming behavior. They would also hardly do any background checks on how the players might have gotten the money they wagered. Here, too, the auditors noticed numerous accounts with questionable gaming behavior during random checks. In most cases, however, the companies would not have intervened. In general, online casinos seem to think little of the problem of gambling. So-called VIP accounts, i.e. customers with high stakes, should actually be informed about the dangers of gambling without exception. This was also not done in many cases. The Gambling Commission, therefore, reiterated that companies must react immediately. The casinos may not have much time left, the UKGC wants to inform about the progress of the investigation on Friday.