Gibraltar Gambling Authority has applied penalties to online gambling operators with a local license in connection with their violations of the “anti-money laundering” rules. The regulator points out that there were no enforcement measures, all fined have committed to voluntarily comply with the sanctions.
The Gibraltar government has confirmed that the total fine of £2.5 million will go to the Gibraltar Gambling Support Foundation to fund training programs at the University of Gibraltar in anti-money laundering and social responsibility of industry employees.
The gambling division released the results of a 12-month review of the gambling sector in terms of its licensees’ risk assessment processes and anti-money laundering controls on customers from around the world. A number of cases have been documented in which a provider’s tolerance for risk was too high and interventions in the process were too late or ineffective.
Authorities also provided details on the cases of several operators who processed money stolen from an employer by an individual. The players falsified documents and provided false information about their sources of funds, and the providers failed to initiate additional verification when they were suspicious.
The government of Gibraltar has personal warnings to the management of one of the betting operators to heed the warning regarding anti-money laundering obligations. According to the regulations, the operator is required to provide increased due diligence in checking and adapting customers.
In addition, operators have been required to analyze and, if necessary, update all technical controls and system capabilities to monitor player accounts and transactions. Operators and customer service teams must be trained and qualified in anti-money laundering issues. This is a key requirement for compliance with anti-money laundering and social responsibility laws.
Licensed top casinos must henceforth report suspicious activity in a time-bound manner according to their obligations and in compliance with the Gibraltar Proceeds of Crime Act of 2015. The Gibraltar government has warned of the seriousness of the published investigation report, with the Gambling Authority choosing not to apply supervisory duties to the sector.