ShareFollowing a two-year investigation, the United Kingdom Gambling Commission (UKGC) fined Genesis Global £3.8 million($5.1m) for multiple money laundering and social responsibility violations.
The Commission also issued a warning to the gaming sector, stating that it will use all available instruments to maintain client safety at the highest level possible. Just days ago, an all-parliamentary panel produced a vital report of the Commission, deeming the regulator "too harsh" in enforcing the industry's regulations.
UKGC cautioned Genesis Global before it penalized the firm. Furthermore, the Commission also demanded an additional, comprehensive audit of the company.
Vegashero.com, Casinocruise.com, Genesiscasino.com, Casinojoy.com and Casinoplanet.com are some of Genesis Global's 14 websites.
Money Laundering Violations
After an investigation uncovered significant social responsibility and money laundering breaches, the Gambling Commission first banned Genesis Global from operating in the United Kingdom in July 2020. However, the suspension was lifted three months after "significant compliance improvements." Nonetheless, the operator is still up to its old antics, as shown in the report released on Thursday.UKGC has identified three money-laundering breaches. One of these incidents included a client who was permitted to deposit more than $1.7 million but ultimately lost roughly $800,000. Conclusion by the UKGC determined the sum of $30,000 in deposits and $36,000 in cash withdrawals, as documented by the player and submitted to Genesis, were inadequate to support the client's level of gambling at the time.
In another incident, Genesis estimated that a client earned £111,000 ($148,772) per year as a director of a London business, even though directorship pay varies widely. Genesis only inquired into the source of the cash after the consumer had lost £209,000 ($280,122).
Social Responsibility Violations
The first case of social responsibility failure involved an NHS nurse who earned roughly $40,000 per year but lost nearly $320,000 in three months. The UKGC determined that Genesis knew the individual's profession and wages and did not engage in the required responsible gambling practices.UKGC also identified another case of social responsibility failure. A lady who lost £197,000 ($263,967) within six months. The puzzling bit about this incident is that the exact day the woman shut her Genesis account, claiming she needed to spend more time with her family, the company allowed her to register a new account and deposit £200 ($267). The UKGC vehemently criticized the Malta-based company for failing to engage in "any meaningful, responsible gambling interactions or establishing affordability."
In the third incident, Genesis Global failed to engage in the appropriate responsible gambling practices when a client lost $310,000 in just six weeks.
Genesis was also penalized by the Swedish Spelinspektionen for not complying with self-exclusion laws, although the Commission recently reduced the fines.
