The Gibraltar Gambling Commission issued a formal warning to Platinum Gaming for deficiencies in anti-money laundering and social responsibility, but decided not to impose additional financial penalties. Previously, the UK Gambling Commission had fined the operator £10 million for operational issues related to the Unibet bingo game brand UK.bingo.com. As a company holding a Gibraltar license, Platinum Gaming must undergo third-party audits to ensure compliance, but the regulatory body chose to issue only a warning based on historical issues that have been rectified and the sufficiency of the UK penalties.
Background and Facts of UK Penalties
In October, the UK Gambling Commission imposed a £10 million fine on Platinum Gaming, identifying "serious" failures in the areas of anti-money laundering and social responsibility. Specific cases included: a user losing over £2,500 within 16 minutes of registration without the system identifying the risk; another user investing £73,000 over 23 days and losing £4,100 without operator intervention. The customer interaction system also failed to identify high-risk players, resulting in losses of £5,000 within 24 hours of registration and a total of over £16,000 in three months.
Basis for Gibraltar Regulatory Decision
The Gibraltar Gambling Commission explicitly stated that the decision not to impose additional penalties was based on three considerations: first, the regulatory issues date back to 2023 and are historical defects; second, the UK has already implemented substantial fines, which are "significant"; third, Platinum's systems and control measures within the Gibraltar regulatory framework have significantly improved and are currently assessed as "satisfactory". The regulatory body emphasized that although there is no evidence of money laundering or criminal expenditure, there are still "lack of sufficient due diligence" issues in deposit due diligence and risk management.
Compliance Improvement Requirements and Industry Impact
Platinum Gaming must undergo third-party audits to meet UK regulatory requirements, and is explicitly reminded that enterprises holding dual licenses must comply with the regulations of both Gibraltar and the jurisdiction of operation. The Commission warns that if new issues are discovered in the future, this formal warning will serve as the basis for action. Notably, this is the second penalty for Platinum in recent years— in March 2023, it was fined £2.9 million for similar issues, and during the same period, Kindred's 32Red brand was also fined £4.2 million. The Gibraltar regulatory body emphasizes that enterprises need to continuously improve risk management to avoid regulatory chain reactions caused by system vulnerabilities.
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