The UK Gambling Commission has imposed a fine of £650,000 on NetBet Enterprises Limited for failing to fulfill anti-money laundering and social responsibility obligations during the period from 2023 to 2024. The regulatory body found systemic deficiencies in NetBet's risk assessment, customer monitoring, and data reporting.
Failure in Anti-Money Laundering Controls
The investigation revealed that NetBet overly relied on financial indicators to assess money laundering risks and failed to timely identify unusual transaction behaviors. For example, a customer deposited about £2,000 through an e-wallet within four days and was engaged in a high-risk occupation, yet the system still marked it as a low-risk account. Subsequently, the user's submitted proof of monthly income showed a net salary of £2,800, yet £1,650 was deposited within two hours, and this unusual transaction did not trigger the risk review mechanism.
Inadequate Fulfillment of Social Responsibilities
The regulatory body pointed out that NetBet lacks effective customer interaction mechanisms to prevent gambling harm. The system failed to timely capture overnight gaming, abnormal deposit speeds, and other risky behaviors, only detectable through manual review. Additionally, the operator provided inaccurate information when submitting regulatory reports, violating license condition 15.3.1.
Penalties and Industry Warning
Besides the fine, NetBet is required to undergo an independent audit and bear the costs of the investigation. John Pierce, the enforcement director of the Gambling Commission, emphasized that this case serves as a warning to all operators to improve their risk control systems to effectively protect consumers and prevent gambling crimes. Recently, the commission has taken enforcement actions against several non-compliant companies, including Spribe OÜ.
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