🎰 Smarkets (Malta) Limited

Action Details:

Following a review of the operating licence undertaken against Smarkets (Malta) Limited (“the Licensee”), the Commission found that the Licensee: • breached paragraph 1, 2 and 3 of licence condition 12.1.1 – Anti-Money Laundering (Prevention of money laundering and terrorist financing) •failed to comply with social responsibility code of practice (SRCP) 3.4.1 – Customer Interaction •failed to act in accordance with ordinary code provision 2.1.2 – Anti-money laundering other than casino In line with the Commission’s Licensing, compliance and enforcement policy statement, the Indicative sanctions guidance and the Statement of principles for determining financial penalties, the Commission has decided to:(i)impose a warning under section 117 (1) (a) of the Gambling Act 2005 (the Act) in respect of the breaches identified (ii) attach an additional condition to the Licensee’s operating licence under section 117(1)(b) of the Act requiring the Licensee to conduct a third-party audit within 12 months of the conclusion of the review, to examine whether the Licensee is effectively implementing its anti-money laundering and social responsibility policies, procedures and controls (iii) impose a financial penalty of £630,000 under section 121 of the Act. The Licensee co-operated with the Commission throughout the investigation and took corrective steps to address the identified failings. The Commission’s review of the specific customers identified during the Compliance assessment found no evidence of criminal spend with the Licensee. The Licensee has co-operated with the Commission throughout the investigation and taken appropriate remedial action to address the identified failings.