£1.6 Million Taken From Platinum Gaming in Fines and Restitution
A recent situation in the United Kingdom has led to online casino operator Platinum Gaming receiving a seven-figure fine. They were fined a total of £1.6 million after an issue where fradulent funds were attempted to be laundered through their properties.
Just under £630,000 was spent in losses at Platinum Gaming’s sites through a particular individual who had actually stolen the money from various victims to begin with.
This is an important case because it shows how serious the United Kingdom Gambling Commission is about enforcing their rules on money laundering prevention, which extends to other important topics like avoiding fraud and keeping player accounts and funds safe. This sort of thing is a great example of how the United Kingdom is viewed as being the top place for online casinos to be licensed in the world.
Details on the Case
The case itself is interesting and not particularly easy to follow if you don’t know the whole story. Here are the highlights in chronological order:
- A shady individual stole at least £629,420 from various victims, which is a lot of stolen money.
- This person proceeded to deposit and lose that entire amount listed above at properties operated online by Platinum Gaming.
- UKGC rules would dictate that, for losses of this much, the operator has to make inquiries into where the money is coming from and if they’re from illegal sources.
- Platinum Gaming did not make such inquiries, which means the UKGC holds them responsible for their part in the situation.
The reason that this is a money laundering issue is that, if the player was to run up enough winnings to break even or so, they could then cash that money out and have on paper a legitimate reason for having the funds.
Consequences and Punishment
The hammer came down hard on Platinum Gaming as a result of this. First off, they’re having to refund the £629,420 they accepted from the player and took in losses, and that money will go back to the victims of the original crimes. Second, they’re having to pay a fine of £990,200 to the Commission.
This £990,200 will be going directly to funding their National Strategy to Reduce Gambling Harms project.
The total is about £1.6 million in fines and restitution made as a result of all of this, and charges that the player himself will be making have not been announced so far.
Something Players Can Count On
Many players might wonder what this has to do with them. The answer to that question is that it shows that the UK Gambling Commission is very serious about giving players something they can count on when it comes to taking their own rules and policies seriously. They aren’t playing around when it comes to handing out penalties to operators and online casinos if they break the rules.
If they will come down this hard for breaking money laundering rules when no one was really hurt by the gambling aspect of the situation, then you can bet that they will come down just as hard (if not harder) on any companies that take advantage of players by offering unfair games, lying about odds or otherwise not paying out when they’re supposed to.
It’s a pretty big source of peace of mind for players because it shows just how much protection they have when they play with a site that’s licensed in the United Kingdom.