TonyBet, an online betting company, was fined £443,000 for using untrue identification terms.
TonyBet, an online gambling company, was fined £442,750 for breaking a number of rules, including unfair terms that allowed it to request identification documents for all withdrawals but not for deposits.
The operator was penalized by the Gambling Commission for not adhering to social responsibility and anti-money laundering (AML) regulations, in addition to being found to have terms that were unfair and opaque.
TonyBet, which owns and operates tonybet.co.uk, will also have to go through a third-party audit to see if it is meeting the requirements for AML and social responsibility.
TonyBet’s website’s unfair terms included the company saying it could ask for ID documents for “all withdrawals,” but not insisting on those checks earlier in the process, which the commission said could hinder deposits but not withdrawals.
When customers failed to provide AML documentation within 30 days, winnings could be confiscated, and accounts were considered dormant after six months of inactivity when they should have been considered dormant after twelve months.
Kay Roberts, the executive director of operations for the Gambling Commission, stated: This case not only highlights the measures we will take against gambling establishments that fail to be honest and open with customers, but it also demonstrates our drive to crack down on anti-money laundering and social responsibility failures.”
Failure to identify and interact with customers who might be harmed by gambling was one example of social responsibility failure.
Failures in anti-money laundering (AML) included failing to carry out adequate risk assessments of the businesses that were being used for terrorist financing and money laundering, as well as failing to ensure that they had the appropriate policies, procedures, and controls in place to stop money laundering and terrorist financing.
Following a series of AML and safer gambling failings, Vivaro Limited, which trades under the name vbet, was fined £337,631 by the industry regulator. This is the second punishment this week.
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