The United Kingdom Gambling Commission has imposed a fine worth £1 million on Greentube. Alderney Limited after an investigation revealed substantial failings in anti-money laundering (AML) and social responsibility measures. This marked the second penalty or regulatory action against the company which already paid £685,000 in 2021 for a similar breach.
The gambling authority has identified certain failures such as the inadequate implementation of mandatory policies on document verification and customer limits, insufficient scrutiny of client information, and delayed identification of vulnerable parameters. The commission also emphasized the fact that repeat offenders need to be faced with increasingly strict enforcement actions, especially when it comes to violating AML policies. In this article, we will talk about the details of social responsibility and AML failures of the Greentube Alderney Limited, trading as Admiral Casino.
The social responsibility failures that led to imposing fines on Greentube Alderney Limited included –
Greentube Alderney also faced penalties with its anti-money laundering measures. It did not scrutinize the available information on time which led to an avoidable delay in the client’s identification and escalation of terrorist financing and money laundering risk.
For instance, one client provided his bank statement with unusual and complex transactions, which included more than £100,000 being transferred and having a negative closing account balance. The operators took four months to scrutinize and escalate the statement.
Moreover, there was a neglect of risky occupations. In one such instance, risk was posed by a finance manager having access to misappropriated funds that were not built into the client’s risk profile. There were no steps taken by the operators to mitigate the risk.
Overall, there has been delayed action on such accounts which linked to known high-risk individuals. Another registered client had his account tied to an address that was linked to a previously blocked account with a criminal history (conviction for supplying class-A drugs).
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