Per the Commission’s investigation, it has been found that Skill On Net Limited posed significant failures in the front of social responsibility and anti-money laundering. Skill has, therefore, been directed to settle the investigation by paying £305,150. This will be directed toward socially responsible causes.
Gambling Act 2005 states that licensed operators must comply with certain provisions to meet social and professional objectives. Specifically speaking, these relate to:
- Not letting gambling become a source for crime & other associated activities;
- Ensure sufficient protection for children & others who may be at risk of being exploited or harmed by gambling; and,
- Fairness in the manner in which gambling is conducted at their premises.
When investigated, the Commission found that Skill was failing to comply with safer gambling experience and prevention of money laundering activities during January 2021 and December 2022. That’s two years combined, resulting in the final settlement of £305,150. This includes £105,650 divestment and £9,079 for the cost of investigation incurred by the Commission.
Moreover, Skill on Net is now obligated to conduct a third-party review for the effective implementation of the corrective measure. The audit process will be spread over a year for Skill on Net.
The investigation was not just restricted to the Commission evaluating the process. It further extended to Skill on Net undertaking a regulatory review. The findings stated that the policies and procedures were insufficient to comply with the responsibilities of Anti-Money Laundering. Plus, there are reports of deficiencies, including weaknesses, in the implementation of gambling policies and controls.
The reason why such failures to compliance are identified is to make sure that the industry is keeping up with the changing times and updated regulations. A formal process is necessary for operators to keep a check on their practices.
The announcement by Skill on Net further highlights lessons from public statements that must reflect in the final formation and implementation of the policy. Also, their money laundering and TL risk assessment have to meet all the requirements.
Aggravating factors include:
- It is likely that many customers were affected, especially the ones that the Commission could not review
- The Commission has dealt with similar cases in the past to take the necessary action
- A total of three compliance assessment was undertaken before levying the penalty charge
Skill’s migrating factors are:
- It has accepted the responsibility for non-compliance
- Skill will take appropriate actions to rectify the brakes
- Modifications will be done within the time that is prescribed by the Commission
Needless to say, the findings of the Commission and rectification by Skill on Net are a case study for the industry to take note of. Money Laundering and Terrorists Funding cannot be taken lightly. Children or others at risk of being affected by gambling activities must be protected at all costs.
Drawbacks during January 2021 and December 2022 have now been scheduled to be rectified by Skill on Net Limited.