The UK Gambling Commission (UKGC), the gambling regulator in the country, is tasked with monitoring the compliance of gambling licensees. The work of the commission includes not only monitoring but the implementation of penalties whenever breaches to the established regulations are observed. In addition to fines, the UKGC has the power to suspend or revoke
Star Racing Limited Receives $776K Fine from the UKGC
The UK Gambling Commission (UKGC), the gambling regulator in the country, is tasked with monitoring the compliance of gambling licensees. The work of the commission includes not only monitoring but the implementation of penalties whenever breaches to the established regulations are observed. In addition to fines, the UKGC has the power to suspend or revoke licenses for serious offenses.
Now, the gambling watchdog unveiled details regarding a monetary sanction imposed against the gambling operator Star Racing Limited trading as Star Sports. On Thursday, the Commission revealed it uncovered breaches by the company relating to anti-money laundering (AML), as well as social responsibility. According to the Gambling Commission, the breaches occurred between March 2020 and May 2021.
Describing the breaches, the gambling regulator said that it found that Star Sports breached Paragraphs 2 and 3 of license condition (LC) 12.1.1 which are related to AML and the prevention of money laundering and terrorist financing. Additionally, the gambling watchdog said that the operator breached License Condition 12.1.2 which requires foreign jurisdiction-based operators to comply with the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017.
Last but not least, the UKGC said that Star Sports failed to comply with Paragraphs 1 and 2 of the Social Responsibility code provision (SRCP) 3.4.1. The aforementioned paragraphs require gambling operators to interact with their customers to help prevent gambling harm or associated risks.
Due to the described breaches, the Commission said it imposed a monetary penalty of £594,000 ($776,400) against Star Sports. The company also received a warning and saw the addition of an extra condition to its license. The additional conditions to its license will demand the operator to “conduct risk-based due diligence on the third parties it transacts with,” explains the UKGC.
The Gambling Regulator Continues to Monitor the Market
The latest fine and warning come after the UKGC recently imposed a hefty fine against Videoslots. In mid-June, the regulator announced it uncovered breaches related to AML and responsible gambling practices. As a result, the licensee was hit with a substantial £2 million ($2.53 million) financial penalty.
Before that, in May, the Commission unveiled details regarding an investigation into PPB Counterparty Services Limited, trading as Paddy Power and Betfair. That probe uncovered deficiencies related to marketing, which resulted in a £490,000 ($606,300) fine against PPB Counterparty Services Limited.
