AN ONLINE subsidiary of gambling giant 888 has paid almost £3M in settlement with Gibraltar authorities for KYC and EDD failings.
Gibraltar’s Gambling Commissioner agreed the £2.9M regulatory settlement with Virtual Global Digital Services Ltd – a subsidiary of 888 holdings plc, it was announced today.
An internal review agreed earlier this year with the commissioner found the following control weaknesses existed:
– Controls in relation to KYC obligations were found to be ineffective in this cohort, with failures to properly record and verify address details in certain cases. This weakened the potential effectiveness of PEPs, Sanctions and adverse media checks (although no PEP or sanctions issues were identified);
– There was an historical overreliance on high thresholds for Enhanced Due Diligence (“EDD”) intervention and a lack of clarity in the threshold approach;
– There was a lack of consistency in the effectiveness of EDD checks, which
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