Online gambling operator LeoVegas was hit with a £1.32 million ($1.61 million USD) for violations of social responsibility and anti-money laundering (AML) rules. It’s another example of how UK regulators are holding operators accountable by enforcing AML and social responsibility rules to the letter.
LeoVegas’ violations occurred over a period between October 2019 and October 2020 and covered a wide range of regulatory breaches. The most significant violations were those related to how LeoVegas was setting spend triggers.
For example, Commissioners pointed out that LeoVegas had a 45-minute cooling off period for players who had been gaming for six hours. That number is, according to the Commission, significantly higher than most other operators. Even worse, officials say that LeoVegas couldn’t adequately explain why they chose six hours as the cut-off time.
The Commission also called out the operator for ignoring its own trigger policies by ignoring triggers such as extended play sessions at odd hours of the night and denied deposits.
On the AML front, the Commission says LeoVegas was also setting triggers too high to be effective in identifying funds with sketchy origins. These policies set the stage for players to gamble large amounts in very short periods with funds that may not have been theirs.
In a statement to the press, Leanne Oxley, Gambling Commission Director of Enforcement and Intelligence, commented on the LeoVegas fine saying, “We identified this through focused compliance activity and we will continue to take action against other operators if they do not learn the lessons our enforcement work is providing.
“This case is a further example of operators failing to protect customers and failing to be alive to money laundering risks within their business.”
LeoVegas will also have to institute a third-party audit within a year to ensure that they’re in compliance with gaming regulations.