Genesis Global hit with £3.8m UKGC fine
Fine comes after the company had its licence suspended for three months in July 2020
The Gambling Commission (UKGC) has issued Genesis Global with a £3.8m fine after enquiries revealed significant social responsibility (SR) and anti-money laundering (AML) failures.
Genesis Global, which counts genesiscasino.com and casinoplanet.com among its 14-strong portfolio, originally had its UK licence suspended in July 2020 after a litany of SR and AML failures. However this suspension was lifted three months later following significant compliance improvements.
The decision comes after it was revealed that the firm failed in its SR duties by not carrying out interactions with an NHS nurse who spent £245,000 in three months, a customer who lost £234,000 in a six-week period or a customer who lost £197,000 over six months before being allowed to open a new account after self-excluding.
AML sanctions included failure to carry out source of funds checks on customers who lost £209,000, £107,000 and one who deposited over £1.3m, losing £600,000.
Helen Venn, UKGC executive director, said: “All gambling businesses should pay very close attention to this case.
“The Commission will use all tools at its disposal to ensure consumer safety and that extends to stopping a business from actually operating.
“Failing to follow rules aimed at keeping gambling safe and crime-free will never be a viable business option for gambling businesses in Britain.”