The regulator issued a warning regarding a lack of legal compliance by Mr Green, an online gaming operator. According to the regulator, Mr Green allowed a “young player” to deposit a significant amount of money into their gaming account without properly verifying the source of the funds. The specific age of the player was not mentioned in the warning.
The regulator found that Mr Green conducted internet searches on the customer, determining their employment and level of earnings. However, they made an incorrect assessment of the player’s income and ability to afford the high level of deposits. This resulted in Mr Green not gathering enough information to prevent suspicions of money laundering.
As a consequence of this breach of the Money Laundering Act, Mr Green was reprimanded by the regulator. However, no further action was taken as the operator implemented new procedures for customer due diligence. The regulator noted that future violations of the Money Laundering Act may result in more severe consequences, including reporting to the police for serious and repeated violations.
