TonyBet Receives a Warning and Fine from UK Regulator
TonyBet, a well-known online casino and sportsbook company with its headquarters in Estonia, has been fined £442,750 by the UK Gambling Commission and will also get a formal warning for failing to put "fair and transparent terms" on its website, breaking anti-money laundering laws, and acting irresponsibly.
The notification was made barely one day after Vivaro Ltd. received a regulatory action from the UKGC.
Suit filed by UKGC:
Today, the UK Gambling Commission (UKGC) issued a warning and a £442,750 punishment to TonyBet, a well-known brand that is owned by the Swedish business Betsson AB. However, the regulator will also impose additional conditions on TonyBet's licence to operate in the country's regulated iGaming industry.
The UK Gambling Commission said after looking into certain inconsistencies on the company's website that:
TonyBet may require identification documents for "all withdrawals" even though it did not require them for deposits earlier in the business relationship, which could hinder withdrawals but not deposits. Winnings may also be confiscated if customers fail to provide AML documentation within 30 days, and accounts are deemed inactive after six months when they should only be after 12 months.
There are other instances of social responsibility failures as well, including:
failing to recognise clients who could be at risk of suffering gambling-related problems and failing to communicate with clients who might be at risk of suffering gambling-related harms.
The company's negligence in preventing money laundering includes the following:
failure to undertake sufficient risk assessments of the company's potential for money laundering and funding terrorism; failing to confirm that the company has the necessary policies, procedures, and controls in place to combat these crimes.
"This case illustrates our drive to clamp down on anti-money laundering and social responsibility failures, as well as action we will take against gambling businesses who fail to be fair and open with customers," said Kay Roberts, executive director of operations at UKGC, in response to the regulatory action.
ready to assist:
The UK Gambling Commission, however, noted in a statement that "TonyBet had initiated an ongoing improvements programme and had cooperated with the regulator throughout its investigation."
The investigation's target brand's parent business is:
Due to TonyBet's mistakes, Betsson AB, the parent business, will also be the subject of an inquiry by the UK regulator to see if the firm consistently complies with social responsibility and anti-money laundering (AML) regulations.
TonyBet, one of Betsson AB's most well-known international brands, has its headquarters in Estonia. It was established and debuted formally in 2011.