UKGC Suspends Genesis Global’s License and Hit Them with a Hefty Fine
The United Kingdom Gambling Commission has hit Genesis Global with a £3.8 million fine and suspended its operating license.
Genesis Global operates fourteen different websites, including genesiscasino.com, casinoplanet.com, and casinocruise.com. It has had its license suspended following investigations that uncovered significant social responsibility and money laundering failures.
The operator was initially warned by the Gambling Commission and told that it must undergo further extensive auditing. This saw its initial suspension lifted after it implemented compliance improvements. However, the Commission’s inquiry continued, and three months later, it has concluded with a fine, a warning, and an extra license condition requiring further auditing.
Its social responsibility failures include not carrying out meaningful, responsible gambling interactions with a customer who spent £245,000 in three months. A further two customers were found to have spent £197,000 over six months and £234,000 in a six-week period, respectively.
The money laundering failures included issuing a request of funding source only after a customer had lost £209,000. A second customer was able to deposit more than £1.3 million and lose almost half of the money before a sufficient source of funds check was carried out.
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. Failing to follow rules aimed at keeping gambling safe and crime-free will never be a viable business option for gambling businesses in Britain.
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