Aspire Global Fined £1.4 Million for Serious Gambling Breaches
AG Communications, a subsidiary of Aspire Global, has been ordered to pay a fine of £1.4 million by the Gambling Commission for severe lapses in protecting vulnerable customers and non-compliance with anti-money laundering regulations.
LISTEN TO THIS ARTICLE:According to the commission, Aspire Global, which runs 58 online platforms, failed to implement adequate safeguards to prevent players from gambling excessively and losing substantial amounts of money in a short period.
One customer with a daily loss limit of £5,000 was allowed to lose £6,000 in 48 hours before the company reached out. In another instance, a gambler lost £7,000 in just four hours due to a system error that failed to enforce the deposit limit.
Additionally, the UKGC discovered that an individual was able to create multiple new accounts on the platform despite having previously self-excluded from gambling. In addition to these social responsibility shortcomings, the company fell short of fundamental anti-money laundering standards.
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.
As stipulated in the settlement, AG Communications will allocate the £1.4 million towards supporting socially responsible projects.
This is the second regulatory penalty for AG Communications in recent years, following a £237,600 fine in 2022 for anti-money laundering shortcomings.
More Regulation News
UKGC Faces High Court Challenge
The UKGC’s latest enforcement action comes barely a month after it was sued by a gambling reform campaigner for inaction. Annie Ashton, who lost her husband, Luke, to suicide in 2021 due to £18,000 in debts, blamed Betfair for not flagging him as a problem gambler despite his substantial losses.
She also claimed that the commission has refused to act against Betfair, which raises concerns about its ability to protect people from gambling harm.
The commission strongly refuted the allegations and emphasized its commitment to taking a tough stance on regulating gambling businesses.
Days before the High Court suit, the UKGC had introduced a new set of rules for gaming operators to give players clearer insights into their betting activities.
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