For failings in social responsibility and anti-money laundering
Stan James Online has agreed a GBP 80,000 penalty package with the UK Gambling Commission (UKGC) for failures in social responsibility and money laundering.
An investigation by the UKGC centered around a customer who deposited stolen money with Stan James Online between November 2014 and October 2016. The investigation determined that during this time the operator failed to spot problem gambling behaviour and failed to comply with financial requirements aimed at preventing money laundering.
The GBP 80,000 penalty package comprises the return of GBP 40,000 to the person whose money was stolen and gambled away along with a GBP 40,000 financial penalty. In addition, Stan James Online has committed to improving its anti-money laundering and social responsibility processes.
The regulatory settlement can be read here:
InfoPowa readers will recall an earlier article in which it was announced Stan James Online’s chief executive officer Denis Kelly will retire from the company after more than ten years of service. The position will be filled by Neil Banbury, head of Kindred Group’s UK Strategy & Finance Operations, in the interim.
Kindred Group will soon abandon the Stan James Online brand having paid GBP 19 million two years ago for the online division of the UK bookmaker (see previous InfoPowa report).