A UK wagering company, 10Bet, has received a substantial penalty of £620,000 (approximately $748,000) for neglecting anti-money laundering and social responsibility regulations. The UK Gambling Commission, the industry regulator, imposed the sanction on Blue Star Planet Limited, the entity operating the 10Bet brand.
This goes beyond a mere reprimand – the Commission unearthed significant shortcomings. Their inquiry, initiated in September 2021, exposed major weaknesses in Blue Star Planet’s safeguards against money laundering and mechanisms designed to shield at-risk patrons. These concerns surfaced during a compliance evaluation in June 2021.
In essence, Blue Star Planet faltered on several fronts regarding the execution of anti-money laundering policies and procedures. They also fell short in upholding responsible gaming practices. The Gambling Commission highlighted specific breaches of their licensing terms, including lapses in implementing anti-money laundering protocols between November 2019 and June 2021.
On a positive note, the £620,000 penalty, part of a resolution between Blue Star Planet and the Commission, will be allocated to philanthropic endeavors.
Britains data protection authority, probably the Information Commissioner’s Office (ICO), issued a substantial financial penalty to Blue Planet Limited, a business that seemingly engaged in excessive nuisance marketing calls. Rather than settling the entire sum, which would have been a significant blow, Blue Planet chose to contribute £620,000 to charitable organizations – a strategic decision to preserve their reputation and avert negative publicity. Furthermore, they were obligated to remit over £3,500 to cover the expenses associated with the inquiry.