The UK Gambling Commission announced that gaming operator Star Racing Limited, trading as Star Sports, will pay a £594,000 ($778,932) penalty for anti-money laundering and social responsibility failures. The company will also receive an official warning and have conditions added to its license.
The regulator summarised that, between March 2020 and May 202, Star Sports had ineffective policies, procedures, and controls in place at the time of a compliance assessment.
Star Racing Limited has been fined £594,000 for social responsibility and anti-money laundering failures.
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— Gambling Commission (@GamRegGB) July 13, 2023
The failures allowed customers to deposit large amounts before Star Sports obtained source of funds information, and the operator also failed to analyze the source of funds information when it was obtained.
Social responsibility failures included not demonstrating an understanding of the impact and effectiveness of customer interactions in terms of the minimization of customer risk, noted the regulator.
Original article: https://www.yogonet.com/international/news/2023/07/14/67907-ukgc-fines-star-sports-almost-779k-over-social-responsiblity-aml-failures
