Malta and Poland based operator, Genesis Global Limited, has been hit with a £3.8 million (€4.5 million) fine after having its licence to operate in the UK suspended by the country’s gambling regulator, the UK Gambling Commission (UKGC).
The fine and licence suspension came after enquiries by the regulator revealed “significant social responsibility and money laundering failures” by the firm.
The licence was first suspended in mid-2020, but only three months later this suspension was lifted, following significant compliance improvements – however, investigations continued, and this week the UKGC announced the significant fine.
The regulator appears to be using Genesis Global as an example for other non-compliant operators, with Helen Venn, Commission Executive Director, warning: “All gambling businesses should pay very close attention to this case.
“The Commission will use all tools at its disposal to ensure consumer safety and that extends to stopping a business from actually operating.”
Social responsibility failures cited by the regulator include:
Money laundering failures, according to the regulator included:
Genesis Global – which runs 14 websites including genesiscasino.com, casinoplanet.com and casinocruise.com – has also been given a warning by the Commission and told it must undergo further extensive auditing.
Despite the sanction, the UKGC did acknowledge that the licensee co-operated with the investigation throughout and took corrective steps to address the identified failings.
Issuing a warning to the wider gambling industry, the regulator said it will “use all tools at its disposal to ensure consumer safety.”
World-class platform provider launches with UK-based operator
Having been acquired by MGM Resorts International in 2022, LeoVegas Group will undertake BetMGM’s casino and sports betting operations in the UK
The deal is the latest agreed by ESA Gaming, with the company enjoying recent global growth and expansion in key markets such as Africa and Italy
Whether you prefer the thrill of in-person challenges or the convenience of virtual engagements, the Malta-based team building company has something spooky and spectacular to offer