Blue Star Planet is paying a hefty fine for falling short in AML and protection procedures.
Blue Star’s Fines
Trading as 10Bet, Blue Star Planet has been ordered by the Great Britain Gambling Commission to pay £620,000 (€698,271/$746,716) for a series of anti-money laundering and social responsibility failings the commission cited.
The infractions were found to have occurred between November 2019 and June 2021, with Blue Star failing to comply with sections of the Licence Conditions and Codes of Practice (LCCP) governing British licensees.
Failings identified include the implementation of AML policies, procedures, and controls along with shortcomings in responsible gambling policies.
Violations were found in paragraphs 1, 2, and 3 of license condition 12.1.1, requiring compliance with AML and terrorist financing guidelines.
Failing to Identify
Paragraph 1 requires effective and appropriate risk assessment of businesses being used for money laundering and terrorist financing, with the Commission finding that Blue Star’s assessment failed to explicitly acknowledge certain high-risk factors or customer risks.
Deposit Limits Breached
The Commission said appropriate procedures and controls were not in place such as limits on amounts customers could deposit being too high, and allowing players to deposit large amounts before satisfactory risk profiling took place.
Failures to Review
Policies also must be kept under review and updated as necessary. Gamblers were allowed to gamble at too high a velocity before automated restrictions were applied, with the source of funds requested too late in the business stage with the 10Bet operator.
License Information Display
AML measures for operators in foreign jurisdictions were further cited, including 10Bet failures to display required information on each screen of their website.
Required information includes a statement they are licensed, their account number, and a link to their licensed status on the regulator’s website, with Blue Star correcting those errors instantly.
The Commission further cited Blue Star for failing to address ways that licensees are required to interact with players to minimise the risk of gambling harm and failing to provide compliance staff to monitor safer gambling alerts overnight.
The list of violations goes on and on and indicates a blueprint for the implementation requirements that all operators must adhere to proactively, with the £620,000 payment to be donated to socially responsible causes instead of a financial penalty.
The penalties show that as rigorous as the procedures are in the UK, the profits that operators hope to gain have a procedural price to pay. However, if these procedures are followed, the industry is safer and more sustainable for all.