On September 11, 2019, the UK Gambling Commission fined Silverbond Enterprises Limited, a land-based casino, £1.8 million for money laundering and social responsibility failings. The company also received an operator license warning, and additional conditions were added to its license. The money laundering failings implicated the company’s compliance procedures, which, according to the Gambling Commission, did not detail how the anti-money laundering polices would be implemented, or who would be responsible for carrying out various elements of the process. The Commission also found that Silverbond failed to carry out enhanced due diligence on 61 customers, and that it had violated Regulation 35 of the Money Laundering regulations, and License Condition 126.96.36.199 of the License Conditions and Codes of Practice by, among other things, failing to identify a customer as a politically exposed person. The additional license conditions imposed by the Commission include outsourced anti-money laundering training for personal management license holders, senior staff and key control staff; the maintenance of full enhanced due diligence on the top 250 customers, and; the performance of enhanced due diligence on the company’s top five suppliers.
September 19, 2019
UK casino cited for AML and social responsibility violations
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