Daub Alderney fined by Gambling Commission
This week the Gambling Commission imposed a £7.1 million fine on online gambling business Daub Alderney Limited.
We now hand over to David Clifton, Director of Clifton Davies Consultancy with his perspective on this.
£7.1 million fine imposed on Daub Alderney (part of the Stride Gaming Group)
It seems as if hardly a day goes by without another adverse gambling industry story grabbing the media’s headlines. Directly relevant to the AML Update panel session, that I will have the pleasure to moderate at KnowNow’s Keeping Crime out of Gambling conference on 22 January 2019, was the announcement earlier this week of the £7.1 million fine imposed by the Gambling Commission on online gambling business Daub Alderney Limited (part of the Stride Gaming Group) for what must surely be one of the most serious set of AML and social responsibility breaches that has yet come to light.
The level of fine and the fact that the matter was determined by the Commission’s Regulatory Panel, rather than being dealt with by way of a regulatory settlement, underlines the seriousness with which the regulator has regarded it. Stride Gaming says it believes the fine to be “excessive and disproportionate”, evidenced by the fact that it had previously made provision for a financial penalty of merely £4 million. You can read more about this story here.
What does seem inevitable is that this will not be the last substantial penalty imposed by the Gambling Commission for such failings. Those attending January’s conference will learn about all further AML developments (including the EU’s Fifth Money Laundering Directive) from my specialist panel that will include:
- Jon Duffy, Director of Corporate Assurance and Regulatory Affairs, Genting Casinos UK,
- Tim Tyler, Course Director, International Compliance Training, and
- Isabella Chase, Financial Crime Writer, ComplyAdvantage
Keeping Crime out of Gambling
Tickets are available now. View the days agenda and book your tickets here.
