Platinum Gaming fined £1.6m by Gambling Commission

Platinum Gaming has been fined £1.6 million by the United Kingdom Gambling Commission after it failed on two fronts.

The online gambling operator was found guilty of failing to identify gambling harm and prevent money laundering.

The Gambling Commission applied the financial penalty after an investigation, which was instigated following reports revealing a convicted fraudster had spent £629,420 of stolen money with Platinum Gaming.

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Gambling Commission executive director Richard Watson said they were left with no choice but to find Platinum Gaming guilty.

“There were weaknesses in Platinum Gaming’s systems and as a consequence, more than half a million pounds of stolen money flowed through the business,” he said.

“This is not acceptable and I would urge all operators to carefully read this case and learn lessons so they don’t make the same mistakes.

“This is yet another example of us taking firm action against online operators who fail to protect consumers or implement effective safeguards against money laundering.

“We must see the industry stepping up and providing consumers in Great Britain with the safest and fairest gambling market in the world.  Where we continue to see failings, we will continue to take action.”

The Gambling Commission revealed the customer’s “deposits were so high and the losses so significant” Platinum Gaming should have identified him and banned or restricted his use of their products.

Platinum Gaming, according to the Gambling Commission, breached anti-money laundering regulations and did not inquire about the source of the funds.

Platinum Gaming settled with Gambling Commission by returning £629,420 to the man’s victims and paid £990,200 instead of a financial penalty.

The Gambling Commission says the funds will be spent helping roll out the National Strategy to Reduce Gambling Harms.

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