A British wagering firm, 10Bet, has received a substantial penalty of £620,000 (approximately $748,000). This sanction, levied by the UK Gambling Commission, follows an inquiry that exposed the company, operating under Blue Star Planet Limited, had faltered in its social responsibility and financial crime prevention measures.
Rather than subjecting the company to a protracted legal battle, the Commission chose a settlement. The considerable amount will be allocated to philanthropic endeavors.
The inquiry, initiated in September 2021, unearthed some worrisome matters. It became evident that Blue Star Planet had gaps in their protocols intended to thwart money laundering and safeguard at-risk patrons. These shortcomings surfaced during a compliance evaluation in June 2021.
In essence, Blue Star Planet had been transgressing the regulations – breaching several licensing stipulations and codes of conduct between November 2019 and June 2021.
The investigation determined that the company hadn’t adequately executed anti-money laundering (AML) strategies and procedures. They were also falling short in promoting responsible gaming, lacking sufficient oversight and processes.
The Gambling Commission’s findings emphasized a particularly troubling violation: Blue Star Planet had neglected to correctly implement anti-money laundering protocols from November 2019 to June 2021.
The company, Blue Planet Limited, narrowly avoided a substantial penalty. However, authorities mandated a charitable contribution of £620,000 as a condition of the resolution. Furthermore, the firm was compelled to relinquish an extra £3,571.25 to settle the expenses incurred during the inquiry.