- UK bookmaker found to be in breach of money laundering and problem gambling guidelines
- Gambling commission imposes £80,000 penalty package
UK bookmaker Stan James has been ordered to pay a penalty package and to take measures to improve its anti-money laundering and social responsibility policies following an investigation by the Gambling Commission.
The case involved a Stan James online casino customer who deposited stolen money with the company’s online operation between November 2014 and October 2016.
In March this year, the UKGC launched an investigation following receipt of a police report of an individual who had stolen money from his employer, and on Monday, they announced the findings of their investigation.
They concluded that Stan James Online failed to identify problem gambling and failed to comply with money-laundering policies.
The company has been ordered to refund the person whose money was stolen originally, to the tune of £40,000. Stan James Online will also pay £40,000 in lieu of a financial penalty.
According to the Commission, Stan James Online fell foul of rules that require a bookmaker to take steps to identify potential money-laundering.
The individual in question was able to gamble £137,000 of money that he had stolen over a period of two years, without raising any suspicion at Stan James Online. The Commission ruled that had the company followed the correct guidelines, they would have spotted the problem.
The Commission also ruled that the policies and measures Stan James Online had in place to identify problem gambling were inadequate.
During the period between November 1 2014 and October 30 2016 the individual lost £40,000 betting with Stan James Online but despite the fact that the customer had previously self-excluded from casino gambling in 2011, no action was taken by the company beyond the automatic sending of emails that contained social responsibility messages.
Stan James Online did not dispute any of the rulings and the Commission stated that they had co-operated throughout the investigation.
The news comes in the same month that parent company, Stockholm-based Kindred Group, announced that it would be dropping the Stan James name and focusing on the Unibet betting platform for its UK market operations.
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