The GB Gambling Commission has issued a fine to Star Racing Limited for a series of anti-money laundering (AML) and social responsibility failings.
Star Racing, trading as Star Sports, will pay a penalty of £594,000 (€693,376/$772,840). It was also handed an official warning and had extra conditions added to its licence.
Setting out the charges, the Commission listed a number of failings that occurred between March 2020 and May 2021.
AML failures included having ineffective policies, procedures and controls in place at the time. Star Racing also allowed customers to deposit large amounts before obtaining source of funds information and failing to analyse source of funds information when it was obtained.
In terms of social responsibility failures, these included not demonstrating an understanding of the impact and effectiveness of customer interactions in terms of the minimisation of customer risk.
Licence breaches
Specific breaches noted in the case included Paragraphs 2 and 3 o..