quora
Read More about fast-id page

Shufti globally launches webinr-icon - a new kind of identity solution!

Shufti globally launches - a new kind of identity solution!

Read more

UK’s Victoria Gate Casino Fined $613K over AML Failings

news1-17

The Source of funds for 10 customers were left unidentified by UK’s Victoria Gate Casino, resulting in a £450,000 fine. 

Victoria Gate Casino, the Leeds-based casino is facing regulatory action due to AML failures and has been ordered to pay a fine worth £450,000 (USD 613K), announced the UK Gambling Commission on Wednesday. 

The casino, which trades as Global Gaming Ventures, will be paying the fine as part of a regulatory settlement agreed with the Gambling Commission. According to the UK GC, the casino failed to identify and monitor customers associated with a high risk of money laundering and gambling-related harm.

“These failings were identified as part of our ongoing drive to raise standards across the whole gambling industry,” stated Helen Venn, the Gambling Commission’s Executive Director. “All operators should be very aware that we will not hesitate to take action against those who fail to follow rules that are in place to make gambling safer and prevent it from being a source of crime.”

The investigation was initiated back in July 2019, during which the UK GC analysed the activities of 10 customers following concerns identified at a compliance assessment. Results revealed that VGC had failed to comply with AML regulations and implement safer gambling policies and procedures.

Global watchdogs have mandated KYC and AML verification regulations on the gambling sector, similar to as imposed on the financial services sector. For the purpose of AML compliance, gambling and online gaming platforms are advised to opt for a risk-based approach to keep high-risk customers under close monitoring. 

“VGC cooperated with our inquiries throughout the course of our investigation and has accepted that the implementation of its policies and procedures in respect of AML and safer gambling were not effective,” revealed the regulatory body in a statement. The casino has accepted that it failed to act in accordance with the conditions of its operating licence between January 2017 and July 2019.

The UK GC highlighted two particular instances where the casino failed to comply. One customer incurred losses of £275,000 over 22 months before they were asked to identify their source of funds. Another customer was permitted to gamble through, despite being requested by the casino to submit their source of funds. 

Suggested Read: Star Casino’s Share Tumbles 21% Following Money Laundering Allegations

Disclaimer: The views and opinions expressed on this webpage or weblink are those of the author only, and are not necessarily the views or opinions of Shufti Limited. The material and information on this weblink is solely for general information purposes. You should not rely upon the material or information on the website as a basis for making any business or legal decision.

While we endeavor to keep the information up-to-date and/or correct, we make no representations or warranties of any kind, express or implied, or for any purpose about the completeness, accuracy, reliability, suitability, or availability of the contents or information herein. Any reliance on its content is thus entirely at your own risk.

For the avoidance of doubt, Shufti Limited will not be liable for any false, inaccurate, inappropriate, or incomplete information presented herein, and all liabilities with respect to actions taken, or not taken, based on the contents or information herein, or for any loss sustained by you as a consequence are hereby expressly disclaimed by us.

Related Posts

News

China’s Top Leaders Indicate the Further Tightening of Financial Regulations

Chinese leaders have indicated that the country will move to further strengthening of financial r...

China’s Top Leaders Indicate the Further Tightening of Financial Regulations Explore More

News

RICS Urges Firms to Adopt ‘Extremely Careful’ Due Diligence Measures

The RICS has issued a statement for its members urging them to adopt ‘extremely careful’ measures...

RICS Urges Firms to Adopt ‘Extremely Careful’ Due Diligence Measures Explore More

News

US Rated as The Most Secretive Financial Jurisdiction in the World

The US has been ranked the most secretive financial jurisdiction in the world due to deterioratio...

US Rated as The Most Secretive Financial Jurisdiction in the World Explore More

News

Singapore Plans to Amend Laws to Arrest Money Mules Facilitating Scams

Singapore authorities have decided to amend laws for prosecuting money mules facilitating financi...

Singapore Plans to Amend Laws to Arrest Money Mules Facilitating Scams Explore More

News

CBUAE Introduces New Program to Boost Digital Transformation in Financial Services

UAE Central Bank has introduced a program that includes a new digital currency, open finance and ...

CBUAE Introduces New Program to Boost Digital Transformation in Financial Services Explore More

News

US Federal Reserve Fines Deutsche Bank $186 Million for Anti-Money Laundering Failures

The Federal Reserve announced on July 20th that it had fined Deutsche Bank (DBKGn.DE) and some of...

US Federal Reserve Fines Deutsche Bank $186 Million for Anti-Money Laundering Failures Explore More

News

AUD 10 Billion Money Laundering Ring Caught in Australia, Further Highlighting the Country’s AML Failures

AUD 10 billion ($6.5 billion) in global money laundering was allegedly uncovered in Sydney by the...

AUD 10 Billion Money Laundering Ring Caught in Australia, Further Highlighting the Country’s AML Failures Explore More

News

UK Watchdog Fines Al Rayan Bank 4M Pounds Over AML Control Failures

FCA, Britain’s financial watchdog, revealed on Wednesday, 11th Jan 2023 that it had imposed...

UK Watchdog Fines Al Rayan Bank 4M Pounds Over AML Control Failures Explore More

News

Cambodian Minister of Justice Addresses AML Action Plan to Escape FATF’s Gray List

The Minister of Justice Koeut Rith has advised all financial institutions to continue their coope...

Cambodian Minister of Justice Addresses AML  Action Plan to Escape FATF’s Gray List Explore More

News

Brace for Home Visits, FCA Warns Remote Traders and Bankers

UK’s Financial Conduct Authority has issued a warning for all hybrid-working financial institutio...

Brace for Home Visits, FCA Warns Remote Traders and Bankers Explore More

News

Bank of Lithuania Revokes License of UK Payments Firm for AML Failures

Transactive Systems Ltd., which processed more than €1 billion of payments every month, has had i...

Bank of Lithuania Revokes License of UK Payments Firm for AML Failures Explore More

News

Abu Dhabi Regulatory Authority Fines Pyypl $486,000 for Violating Money Laundering Laws

Abu Dhabi Global Market (ADGM) financial regulatory authority fined $486,000 to digital UAE bank ...

Abu Dhabi Regulatory Authority Fines Pyypl $486,000 for Violating Money Laundering Laws Explore More

News

Turkey’s Regulatory Authorities Oblige Rigid Crypto Licensing Measures

Turkey’s Regulatory Authorities stated they will develop rigid regulations for crypto service pla...

Turkey’s Regulatory Authorities Oblige Rigid Crypto Licensing Measures Explore More

News

Westpac CEO Brian Hertzer Resigns Amid Money-Laundering Scandal

The chief executive of Westpac Banking Corporation, Brian Hartzer, has resigned and the chairman ...

Westpac CEO Brian Hertzer Resigns Amid Money-Laundering Scandal Explore More

News

FATF Issues New Set of AML and CTF Recommendations for EU States

The Financial Action Task Force (FATF) has offered a new set of guidance for European Union (EU) ...

FATF Issues New Set of AML and CTF Recommendations for EU States Explore More

News

US Shows Conflicts with China at First Financial Meeting

In a recent financial working group meeting, the US Treasury raised disagreements with China, whe...

US Shows Conflicts with China at First Financial Meeting Explore More

News

UAE Issues Deadline for Businesses to Register for AML System

The Ministry of Economy has highlighted the businesses that must register for the AML system. All...

UAE Issues Deadline for Businesses to Register for AML System Explore More

News

Ukraine Issues 14 Million Biometric Passports

According to Ukrinform, more than 14 million biometric passports have been issued in Ukraine so f...

Ukraine Issues 14 Million Biometric Passports Explore More

News

PHL Ranking Declines in the Corruption Index, Reveals GRP

According to the Global Risk Profile (GRP), the ranking of the Philippines in the corruption inde...

PHL Ranking Declines in the Corruption Index, Reveals GRP Explore More

News

NZ FMA Announces to Tighten AML/CFT Approach

FMA intends to closely monitor firms’ processes, with comprehensive assessments of how they onboa...

NZ FMA Announces to Tighten AML/CFT Approach Explore More

News

Coinbase Attorney Urges SEC to Announce Crypto Rules

Coinbase’s attorney forced the Securities and Exchange Commission (SEC) to announce a trans...

Coinbase Attorney Urges SEC to Announce Crypto Rules Explore More

News

Hong Kong’s New Crypto Regulations may Attract Web3 Firms Back

Hong Kong’s new proposed crypto regulation received Huobi Global’s, a Chinese crypto platform, pl...

Hong Kong’s New Crypto Regulations may Attract Web3 Firms Back Explore More

News

Swedbank cuts former CEO’s Golden Parachute over Money-Laundering

STOCKHOLM – Swedbank has canceled the severance pay of former CEO, Birgitte Bonnesen after ...

Swedbank cuts former CEO’s Golden Parachute over Money-Laundering Explore More

News

Philippines anti-money laundering council demands strict POGO regulations

The Philippines Anti-Money Laundering Council (AMLC) has advised of an “increasing level of threa...

Philippines anti-money laundering council demands strict POGO regulations Explore More

News

US Treasury Targets Russian Oligarchs as Part of New to Tackle Illicit Finance

Strategy imposed by the US Treasury to combat illicit finance targets Russian Obligarch as part o...

US Treasury Targets Russian Oligarchs as Part of New to Tackle Illicit Finance Explore More

News

Singapore Proposes Additional AML/CFT Requirements for FIs

Monetary Authority Singapore has issued a consultation paper proposing the scope of AML/CFT to be...

Singapore Proposes Additional AML/CFT Requirements for FIs Explore More

News

US Justice Department Helps Brazilian Government to Seize $24 Million in Crypto Fraud

An official request from the Brazilian government was made to the US government for helping to se...

US Justice Department Helps Brazilian Government to Seize $24 Million in Crypto Fraud Explore More

News

UK Customers Losse £580m to Identity Scammers in First Half of 2023

UK Finance disclosed that identity theft is a proliferating scam, and they recorded 1.4m fraud ca...

UK Customers Losse £580m to Identity Scammers in First Half of 2023 Explore More

News

Shufti is nominated for ‘Oustanding Product/ Service’

Global business excellence awards nominated Shufti for the category of outstanding product/ s...

Shufti is nominated for ‘Oustanding Product/ Service’ Explore More

News

B.C. Real Estate Company Fined $230K for Multiple AML Violations

Nu Stream Realty Inc. has been fined $230,423 for failure to comply with federal Anti-Money Laund...

B.C. Real Estate Company Fined $230K for Multiple AML Violations Explore More

News

Brace for Home Visits, FCA Warns Remote Traders and Bankers

UK’s Financial Conduct Authority has issued a warning for all hybrid-working financial institutio...

Brace for Home Visits, FCA Warns Remote Traders and Bankers Explore More

News

Increasing Use of Cryptocurrency for Money Laundering Causes Concern in the Philippines

The use of cryptocurrency in money laundering is raising alarm for the Philippine Central Cank. T...

Increasing Use of Cryptocurrency for Money Laundering Causes Concern in the Philippines Explore More

News

£78 Million Stolen in Investment Scams, Warns FCA

FCA- Financial Conductive Authority has given out a warning as the investment scams regarding ‘cl...

£78 Million Stolen in Investment Scams, Warns FCA Explore More

News

UAE adopts digital identity and blockchain to fight COVID-19

Taking into account the recent Coronavirus outbreak, UAE’s Ministry of Community Development (MOC...

UAE adopts digital identity and blockchain to fight COVID-19 Explore More

News

UK’s Regulatory Agencies not Coming Slow Against Money Laundering

HM Revenue & Customs carried out an extensive investigation on the UK’s real-estate agencies ...

UK’s Regulatory Agencies not Coming Slow Against Money Laundering Explore More

News

Sydney’s ‘Mini Casino’ Venues Suspected for Money Laundering

Sydney’s 10 “mini-casino” poker venues have been suspected of money laundering activities. Accord...

Sydney’s ‘Mini Casino’ Venues  Suspected for Money Laundering Explore More

News

Canada Faces 400% Increase in the Cryptocurrency Fraud

The Canadian police department is warning people to protect their personal information and perfor...

Canada Faces 400% Increase in the Cryptocurrency Fraud Explore More

News

FIU in Sri Lanka Penalises Financial Firms over AML/CFT Non-Compliance

Sri Lanka’s Financial Intelligence Unit (FIU) has recently penalised two financial institutions i...

FIU in Sri Lanka Penalises Financial Firms over AML/CFT Non-Compliance Explore More

News

FIAU Imposes €60,000 Fine on Audit Firm for AML Failings

€60,000 fine imposed on an audit company, for failing to report money laundering and suspected ta...

FIAU Imposes €60,000 Fine on Audit Firm for AML Failings Explore More

News

Swedish Legislators Propose an Increase in Money Laundering Penalties for the Gambling Industry

Legislators in Sweden will consider increasing penalties for gambling operators who violate the n...

Swedish Legislators Propose an Increase in Money Laundering Penalties for the Gambling Industry Explore More

News

US Court Sentences Nigerian FinTech Executives for Money Laundering Worth $167 Million

The US Court jails the Fintech Executives of Nigeria over a Money Laundering Case comprising $167...

US Court Sentences Nigerian FinTech Executives for Money Laundering Worth $167 Million Explore More

News

Cyprus Securities and Exchange Commission Warns Investing Firms for AML Non-Compliance

The Cyprus Securities and Exchange Commission (CySEC) warned the Cyprus Investment Firms (CIFs)  ...

Cyprus Securities and Exchange Commission Warns Investing Firms for AML Non-Compliance Explore More

News

House Bill Passed in Philippine to Enforce AML LAW

House of Representatives has approved legal amendments to regulate the developers, metal dealers,...

House Bill Passed in Philippine to Enforce AML LAW Explore More

News

Shufti will provide 10 million free ID and face verifications

Shufti has launched one of a kind charity program for the non-profit and healthcare organizat...

Shufti will provide 10 million free ID and face verifications Explore More

News

Financial Intelligence Center Says SA Car Dealers Are at High Risk of Money Laundering

The Financial Intelligence Centre (FIC) has said that SA’s motor vehicle dealers are at a high ri...

Financial Intelligence Center Says SA Car Dealers Are at High Risk of Money Laundering Explore More

News

Binance’s Regulatory Setback in Singapore Shifts Attention to Middle East

Binance, the world’s largest cryptocurrency exchange, withdrew its application for licence in Sin...

Binance’s Regulatory Setback in Singapore Shifts Attention to Middle East Explore More

News

Malta Claps Back To Allegations Of “Lax Crypto Oversight”

A business unit within Malta’s Chamber of Commerce has shut down all accusations that state that ...

Malta Claps Back To Allegations Of “Lax Crypto Oversight” Explore More

News

GIABA Points Out Gaps in Nigeria’s AML/CFT Framework

The GIABA report revealed loopholes in the Nigerian AML/CFT framework and called Nigerian law enf...

GIABA Points Out  Gaps in Nigeria’s AML/CFT Framework Explore More

News

Crypto Bank Anchorage Has Inadequate AML Measures, Says US Federal Regulator

A US federal regulator has said that the first federally-chartered digital asset bank Anchorage D...

Crypto Bank Anchorage Has Inadequate AML Measures, Says US Federal Regulator Explore More

News

Money Laundering Ring Pushed $4bn through 60 HSBC Accounts within 2 Years

60 HSBC accounts were used to launder USD 4.2 billion in Hong Kong.  An investigation carried out...

Money Laundering Ring Pushed $4bn through 60 HSBC Accounts within 2 Years Explore More

News

Dubai Jails 9 and Fines Over Dh15 Million for Money Laundering

Dubai courts have issued prison sentences to 9 offenders for money laundering. The Emirates conti...

Dubai Jails 9 and Fines Over Dh15 Million for Money Laundering Explore More

News

Turkey’s Regulatory Authorities Oblige Rigid Crypto Licensing Measures

Turkey’s Regulatory Authorities stated they will develop rigid regulations for crypto service pla...

Turkey’s Regulatory Authorities Oblige Rigid Crypto Licensing Measures Explore More

News

Amendments in Thailand’s Money Laundering Act to Include New Offenses

A proposed amendment in Thailand’s Money Laundering Act was approved by the cabinet to include ad...

Amendments in Thailand’s Money Laundering Act to Include New Offenses Explore More

News

FATF Highlights the Gaps in New Zealand’s AML Measures

Financial Action Task Force (FATF) has issued a report on New Zealand’s measures to combat money ...

FATF Highlights the Gaps in New Zealand’s AML Measures Explore More

News

France to Test Digital Currency in the First Quarter of 2020

The digital currency race is building up and every country wants to take part in it. Now, Banque ...

France to Test Digital Currency in the First Quarter of 2020 Explore More

News

California’s EDD is Falling Behind in Legitimate Unemployment Claims

According to a report by Calmatters, California’s Employment Development Department is lacking be...

California’s EDD is Falling Behind in Legitimate Unemployment Claims Explore More

News

Reports Reveal NAB Contract Workers Received Little to No AML Training

The disclosure follows AUSTRAC’s recent launch of a formal investigation into NAB earlier this mo...

Reports Reveal NAB Contract Workers Received Little to No AML Training Explore More

News

After China, Japanese Officials Considering to Introduce Digital Currency too

China has begun trials for its digital assets and issued 10 million yuan last week. The efforts o...

After China, Japanese Officials Considering to Introduce Digital Currency too Explore More

News

BSP Seeks to Tighten Rules on Reporting ML/TF Threats

The Bangko Sentral ng Pilipinas (BSP) is seeking to tighten guidelines on reporting threats relat...

BSP Seeks to Tighten Rules on Reporting ML/TF Threats Explore More

News

Singapore Police Warn Citizens of Prevailing SMS Phishing Scams

The Singapore Police Force has warned citizens about SMS fraud targeting people with similar send...

Singapore Police Warn Citizens of Prevailing SMS Phishing Scams Explore More

News

Oklahoma Takes Strict Legislative Measures to Prevent Child Identity Theft

The Senate of Oklahoma has approved a bill to take strict measures against those involved in the ...

Oklahoma Takes Strict Legislative Measures to Prevent Child Identity Theft Explore More

News

New Zealand Forces Banks To Strengthen Their Security Measures

New Zealand’s parliamentary committee has urged banks and financial institutes to bolster their s...

New Zealand Forces Banks To Strengthen Their Security Measures Explore More

News

Singapore Plans to Amend Laws to Arrest Money Mules Facilitating Scams

Singapore authorities have decided to amend laws for prosecuting money mules facilitating financi...

Singapore Plans to Amend Laws to Arrest Money Mules Facilitating Scams Explore More

News

Feds Bust Columbian Drug Cartel’s Scheme to Launder “Millions” Through US Banks

A Columbian drug cartel’s scheme was busted by the federal prosecutors who moved millions through...

Feds Bust Columbian Drug Cartel’s Scheme to Launder “Millions” Through US Banks Explore More

News

U.K. Parliament Introduces New Online Safety Bill to Curb Push Payment Fraud

The UK Parliament introduces a new Online Safety Bill, to mitigate push payment fraud and increas...

U.K. Parliament Introduces New Online Safety Bill  to Curb Push Payment Fraud Explore More

News

Bitcoin ATMs face stricter regulations over money laundering

According to experts, Bitcoin ATMs (BATMs) will face stern regulations globally, with countries s...

Bitcoin ATMs face stricter regulations over money laundering Explore More

News

ICO Warns Public Bodies Over Failure to Respond FOI Requests

ICO warned public bodies regarding Freedom of Information (FOI) requests failure. Different depar...

ICO Warns Public Bodies Over Failure to Respond FOI Requests Explore More

News

‘Money Laundering risk is higher in banks in Mexico than crypto firms’, says FIU report

According to the new report generated by the country’s financial intelligence unit (FIU), the ban...

‘Money Laundering risk is higher in banks in Mexico than crypto firms’, says FIU report Explore More

News

455 Social Media Accounts Flagged for Rolling Out Fake IDs – Europol Reports

455 social media accounts flagged by Europol, which were providing fake identity documents to ill...

455 Social Media Accounts Flagged for Rolling Out Fake IDs  – Europol Reports Explore More

News

Crypto Providers at Risk of Money Laundering & Terror Financing, Says FMA

The Crypto industry was rated high-risk in the latest sector risk assessment (SRA) of the FMA, wh...

Crypto Providers at Risk of Money Laundering & Terror Financing, Says FMA Explore More

News

WhatsApp Receives Fine Worth $267m for Breaching EU’s Data Privacy Law

Ireland’s Data Protection Commission has stated that WhatsApp failed to inform EU citizens suffic...

WhatsApp Receives Fine Worth $267m for Breaching EU’s Data Privacy Law Explore More

News

Conveyancers Used for Laundering Millions of Pounds across the UK

Government warns that hundreds of millions of pounds are being laundered by criminals across the ...

Conveyancers Used for Laundering Millions of Pounds across the UK Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started