The UK Gambling Commission imposed a £7 million fine on internet gaming firm Daub Alderney for failing to meet anti-money laundering and consumer safety requirements. The business, a subsidiary of the Stride Gaming Group, was determined to have insufficient anti-money laundering safeguards and failed to adequately safeguard vulnerable clients.
In addition to the punishment, which equates to around $9 million USD, the company’s UK gaming license will be subject to more stringent restrictions. The Gambling Commission began looking into Daub Alderney in January, and a final decision was taken in April.
The investigation revealed serious flaws in Daub Alderney’s anti-money laundering procedures, and their customer protection policies were deemed insufficient. Essentially, they were not doing enough to evaluate the danger of money laundering, and their systems for managing and safeguarding their customers were inadequate.
The Gambling Commission stated unequivocally that the amount of the punishment reflects the gravity of these infractions. Richard Watson, Executive Director of the Gambling Commission, stressed their dedication to taking a tough stance against the internet gambling sector. He claimed that Daub Alderney failed to fulfill the standards required for customer protection, and that this punishment serves as a warning about how seriously they regard such failures.
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