Aspire Global firm AG Communications has been fined £1.4m by the Gambling Commission for “wholly unacceptable” shortcomings in protecting vulnerable customers and breaching anti-money laundering regulations.

The commission revealed that Aspire Global, which operates 58 websites, lacked effective controls to prevent punters from gambling away large sums in short periods.

In one instance, the company only contacted a customer after they had lost £6,000 within two days, despite having a daily loss limit of £5,000. Another gambler managed to lose £7,000 in just over four hours due to a system glitch that didn’t enforce the deposit limit.

Furthermore, one individual succeeded in opening multiple gambling accounts even though they had previously self-excluded. Beyond these social responsibility lapses, the firm also failed to meet essential anti-money laundering criteria.

It marks the second time AG Communications has faced regulatory action in recent years, having paid £237,600 in 2022 for anti-money laundering failures.

John Pierce, the Gambling Commission’s director of enforcement, said: “Its failure to uphold anti-money laundering standards, delays in necessary interventions, and deficiencies in social responsibility measures are wholly unacceptable. It is essential that operators not only implement and maintain robust anti-money laundering policies, procedures, and controls but also act swiftly and decisively in response to any indications of suspicious activity.

“Effective social responsibility measures must be in place at all times to ensure that consumers identified as at risk receive timely and appropriate intervention. This case stands as a clear warning to all operators that repeated regulatory failings will result in increasingly stringent enforcement action.”

As part of the settlement, AG Communications will contribute the funds towards socially responsible causes.