UKGC fines Genesis Global in the millions
The British regulator is known for the fact that she is strict and also imposes very high fines. In the current case, it affects Genesis Global Limited, who are now faced with a fine of 3.8 million British pounds. The reason: This gambling provider is said to have broken several rules. Internet casinos in Kenya are also required to abide by rules and regulations. That's whyWe compare and test all online casinos that are accessible for Canadian players.
Fine and license suspension
Although the UK Gambling Authority for her crackdown is known, the case against Genesis Global Limited is a very severe sentence. The gambling group not only has to accept afine of the equivalent of 4.56 million euros. The UKGC has also temporarily revoked the license and at the same time issued a warning. Which violations lead to a triple punishment by the relevant gambling supervisory authority?
The UKGC has published that Genesis Global Limitedviolates social obligations and anti-money laundering laws has. These violations would have been identified during a review, with the result that an in-depth investigation is being launched. One of the reasons for this is that violations were already detected at this gambling provider in 2020. As a result, the license was temporarily revoked, but reactivated after a certain period of time.
Activation was done becausethe group was improving and the UKGC felt they could offer gambling again. Now the time has come again that the provider has violated certain laws and obligations.
Significant breaches of social obligations
What does the term social responsibility mean? The British supervisory authority understands by this that a gambling provider has a certaincontrol function with regard to the stakes and the source of the money. This is how Genesis Global allowed a player to spend £245,000 in three months. This was allowed despite the gambling operator knowing it was a nurse with an annual salary of £30,000. Since July 2021, online casinos in Kenya have also been required to constantly check the gaming behavior of their players and also to understand where the money comes from. Until such a control system is put in place, it is not possible for playersto deposit more than 1,000CAD/EUR/USD per month in online casinos.
Another Once a player wanted to block her account, but was still allowed to open and deposit a new account on the same day. This player also lost £197,000 in six months. All of this is considered a breach of responsible gambling by the UKGC. The gambling operatorsneed to check where the money comes from. This was not carried out by the gambling provider in question. To make matters worse, some players proved their annual salary, but were still allowed to deposit or lose significantly more. Genesis Global should have taken action against this.
Money laundering allegation raised
After Genesis Global often failed to check where the money came from, theMoney laundering allegation has now been raised|| |87. Zumindest trifft dies auf die Fälle zu, in denen die Spieler bewiesen haben, dass sie weniger verdienen. Woher das Geld stammt, hätte definitiv überprüft werden müssen. Aus welchen Gründen die UKGC von Geldwäsche ausgeht, wird nicht weiter ausgeführt. Theoretisch könnte es sein, dass sich die Spieler das Geld auch nur ausgeliehen haben.
The investigations that have now been launched will determine whether the allegations of money laundering are confirmed. The UKGC has sufficient time to do this after the licenses have been revoked. This hits Genesis Global all the harder becausethis company operates a total of 14 online casinos. These include the portals Genesis Casino, Casinoplanet, Casino Cruise and many more. As a result, numerous players are affected after these online casinos are no longer allowed to operate.Online casinos with EU license are required to keep all players' funds in separate accounts and keep them inaccessible.
In the end, the gambling operator would have with face such a penalty. The UK Gambling Authority announced a long time agothat they would take strict action against infringements. This is the only way to ensure player safety.
The current fine is by no means the maximum fine
As high as the current fine sounds, there are caseswhich are punished even more severely by the UKGC were. Gambling operator Casumo was fined £6m last year. This group was accused of violations that took place between the end of January and the beginning of 2020. Primarily, these were related violations related to player safety and gambling addiction.
This gambling provider would not have reacted in the same way after a gambling addiction was identified. Casumo players have actually lost far more money than Genesis Global players. A player is reported to havelost a total of over a million pounds and the provider has not responded. At the time, the UKGC made it clear to the public that gambling providers were obliged to contact players in the event of conspicuous gaming behavior.
At the same time, the UKGC made it clear that depositing large sums could always be money laundering. That would also have to be checked by the gambling providers. At the very least, theproviders must be able to confirm where the money comes from.
UKGC has been known for high penalties and controls for years
The fact that the British gaming regulator issues high penalties and generally carries out many controls is not new. The annual reports of the UKGC show that numerous audits have always been carried out.In 2019 there were 350 reviews. At the same time, 12 penalties were imposed in this context, totaling a total of 30 million pounds. In addition to the fines, five had their license revoked, at least temporarily. Twelve other providers were hit harder - their license was revoked forever.
Interestingly enough, the same violations are always punished: All providers have not fulfilled their obligation to check the income of players who either deposit too high sums or lose too high sums. At one gambling operator, a player was able to lose nearly £200,000 in two days. Apart from this,Online casinos have to check where the deposited money comes from due to the license conditions. According to the conditions, anyone who takes out a loan to play shows dangerous gaming behavior and would have to be contacted by the providers.
However, the many violations clearly show that many gambling providers do not comply with the applicable laws. This will also leadin the future to the UKGC carrying out more checks and imposing penalties.