Mr Green Fined for 3M pounds failing Social Responsibility and AML

[Fiekie247]

Mr Green fined as well 3 Million Pounds

http://www.gamblingcommission.gov.uk/news-action-and-statistics/news/2020/Mr-Green-to-pay-3m-for-regulatory-failures.aspx

[pinnit2015]

Yes and there was a post here by a guy who said Casumo were asked for SOW going back 3 years. At the time I said it’s too little too late so why are they asking for that;

Well, Mr Green

• took ten-year-old evidence of a £176,000 claims payout as satisfactory evidence of source of funds (SOF) for a customer who deposited over £1m

 

[pinnit2015]

And before folk, sometimes rightfully, jump on the overly harsh GC position, a lot of the points made are bog standard; no risk assessment etc, no interaction etc

But a worrying one is; customer won, customer lost the 50k winnings. Let’s be honest, when we win the casino gets it back; might not be in a day, or a week, or a month but return it we do... is the difference here the speed? Dunno...

[pinnit2015]

That’s another thing as well and I’m guilty of it too in haste; things are being called SOW when they’re SOF; there’s a difference not just in name but in practicability. 

[Fiekie247]

So what is the difference Mr P? Between SOF and SOW? 

SOF - Where do you get funds to Gamble? 

SOW - Can you afford gambling? 

[Fiekie247]

1 hour ago, pinnit2015 said:

And before folk, sometimes rightfully, jump on the overly harsh GC position, a lot of the points made are bog standard; no risk assessment etc, no interaction etc

But a worrying one is; customer won, customer Lost the 50k winnings. Let’s be honest, when we win the casino gets it back; might not be in a day, or a week, or a month but return it we do... is the difference here the speed? Dunno...

Yeah but I think the worry here is, Win 50K, then immediately lose 50K again and then deposit Thousands more quid and lose that as well? - Shouldn't RG kick in here?

I find that 176K SOF, for 1M worth deposits very dodgy, especially Mr Green accepting that 10 year old evidence.

[ValDes]

Wow! Could only speculate on the number of identified failures during the UKGC investigation considering the pompous fine, but man, must have been a lot! Like A LOT!  

Even if I had some doubts in 2019, I am more than convinced that the UK online casino market in 2020 will be only a fraction of what it has been 12/24 months ago. Not so sure we will see the same effect with the problem gambling proportions among UK punters, which btw should be the estimated effect after all these heroic efforts on behalf the officials, right... 

[Fiekie247]

2 hours ago, ValDes said:

Wow! Could only speculate on the number of identified failures during the UKGC investigation considering the pompous fine, but man, must have been a lot! Like A LOT!  

Even if I had some doubts in 2019, I am more than convinced that the UK online casino market in 2020 will be only a fraction of what it has been 12/24 months ago. Not so sure we will see the same effect with the problem gambling proportions among UK punters, which btw should be the estimated effect after all these heroic efforts on behalf the officials, right... 

I agree , given the amount of Casinos that left the UK market already, guess its not profitable anymore? Not sure, but that's my feeling around it.

Guess that is why Videoslots lowered their RTP on PnG initially for UK punters because of the huge tax implications?

[pinnit2015]

What on earth....the favourite shilly casino about.

 

[pinnit2015]

On 3/4/2020 at 7:40 AM, Fiekie247 said:

So what is the difference Mr P? Between SOF and SOW? 

SOF - Where do you get funds to Gamble? 

SOW - Can you afford gambling? 

SOF is typically in relation to the course for that transaction. Deposits into casino from same account, or even one time. You're looking at that specific account that's been used to fund the casino deposit. 

SOW is in relation to the entire asset base of your money - yes, i have the bank account above but i also have  a house/inheritance etc. 

In practice they're actually used together.

SOW would fit more in with RG in many ways - because your asking to see how much money the person has, not just the bank account like in SOF. But it's under the AML as well - mainly cos of the ability to layer money. 

AML guidance requires you to establish both - which is fair: one for the transactions and the SOW for how that fits in with their overall wealth. 

The burden for each is different as well - SOF is far easier to establish - SOW's more tangled. 

Clear as mud hey....reason why things like this have individuals with specific skillsets. But we're supposed to believe casino's have this ? Yeah, right - they can't even keep a hold of some of their affiliates and marketing databases

[pinnit2015]

13 minutes ago, pinnit2015 said:

What on Earth....the favourite shilly casino about.

 

I like the fact they're alluding to the fact it's all the UKGC's fault....

It's a breach of 116 or something...NOT AML OR RG...so how's this the GC's fault.

It's not. If you look into the breach here's, and take what you want from it, the possible reason

'suspects that the licensee may be unsuitable to carry on the licensed activities'

Wonder have they recruited from Betat?

Given the amount of shilling they do, it's not a surprise that their management may not be most desirable as that level of shillings been approved by their senior management/owner

Good riddance - get bent (oops, you probably already are)

[pinnit2015]

Oops probably should have created a separate topic as it reads as Mr Green...Nope, whilst Mr Green have been fined etc they are not even in the same ballpark as these chancers.

Sorry admin

[balotelli]

On 3/4/2020 at 7:32 AM, pinnit2015 said:

Yes and there was a post here by a guy who said Casumo were asked for SOW going back 3 years. At the time I said it’s too little too late so why are they asking for that;

Well, Mr Green

• took ten-year-old evidence of a £176,000 claims payout as satisfactory evidence of source of funds (SOF) for a customer who deposited over £1m

 

I HOPE CASUMO GETS FINED