Online gambling operator Gamesys will pay £1.2 million for failing to prevent gambling harm and breaching money laundering regulations, a regulator has announced.
The Gambling Commission investigated the operator after police found three people had spent stolen money with the business.
Despite customers displaying behaviour that could indicate problem gambling, the operator failed to take action that could have prevented harm, the regulator said.
The investigation also revealed that Gamesys failed to comply with money laundering regulations, including not establishing customers’ source of funds.
As part of a settlement with the commission, Gamesys will return £460,472 of stolen money to victims and pay £690,000 as a payment in lieu of a financial penalty.
The money will be spent on the national strategy to reduce gambling harms.
Gambling Commission executive director Richard Watson said: “It is vital that operators understand their customers – track their online gambling and step in quickly when they suspect someone is suffering from gambling harm.
“These key steps and processes ensure they meet both their anti-money laundering and social responsibility obligations for all customers.
“Gamesys’ approach resulted in a variety of failings and saw stolen money flowing through the business – with customers being put at risk of gambling-related harm.”