A Gibraltar-based gambling operator has reached a regulatory settlement with the Gambling Commissioner for the sum of £25,000.

This was agreed in respect of deficiencies in the operator’s anti-money laundering and counter-financing of terrorism policies and procedures.

It’s the second settlement between an operator and the Gambling Division within two weeks.

This latest settlement between the Gambling regulator and an operator was agreed in lieu of a financial penalty which could have been imposed over deficiencies in the firm’s anti-money laundering and counter-financing of terrorism policies and procedures.

The issues centred around the company’s failure to fully document enhanced due diligence procedures for a specific group of non-UK customers, although this was being done on a less formal basis. The operator was also penalised for a technical breach in its Suspicious Activity Report obligations.

The Gambling Division has stressed that operators should ensure they fully understand and comply with the provisions of the Proceeds of Crime Act and the Commissioner’s guidelines on AML and CFT. Gaming firms should also take note of learning points from previous regulatory settlements and sanctions.

As part of this settlement of £25,000. the operator has been placed under enhanced monitoring and will undergo another site visit within six months.

The Commissioner reiterated the need for all operators to maintain the highest standards in documenting and operationalising their controls, ensuring they meet regulatory requirements at all times.

Despite the identified shortcomings, the Gambling Commissioner acknowledged that the operator under scrutiny has been fully cooperative, had acted swiftly to put right the issues, and demonstrated that it is fit and proper to continue holding a licence.