Following an assessment by the Gambling Commission that identified deficiencies in the management of high-risk customers, White Hat Gaming has agreed to a regulatory payment of £ 1,334,053 in lieu of a financial penalty. The company will also pay the Commission’s costs of £9,816, in addition to undertaking important improvements in its anti-money laundering policies and procedures.
According to the Gambling Commission, a March 2019 corporate evaluation of White Hat raised concerns about the company’s handling of seven customers’ accounts. The Commission’s investigation identified failings in White Hat’s management and identification of customers who are at high risk for money laundering – for example, a customer who lost tens of thousands of pounds within short periods of gambling, without adequate oversight, investigation, reporting or restraint on the part of White Hat’s operators.
As part of the settlement, White Hat has committed to enhanced compliance measures, including the introduction of backstop limits until AML checks are completed, improvements in the conduct of affordability checks, improvements in the company’s reviews of its AML controls and processes, and additional processes to ensure traceability of the source of customers’ funds.