The Gibraltar Gambling Commissioner has agreed a £2.9m regulatory settlement with Virtual Global Digital Services, a subsidiary of 888 Holdings.
The regulator said it found weaknesses in relation to KYC obligations, which it said were “ineffective.”
Failures also included not properly recording and verifying details in certain cases.
The investigation was conducted after an AML review was carried out by Gambling Division staff, assisted by 888 management, which looked at current and historical systems and controls in place by the licensee, with a specific focus on suspended activities after 888 said it was pulling out of certain dotcom markets in January.
“There was an inconsistent approach with regards to keeping accounts open with restrictions as opposed to closing accounts,” the regulator added.
However, the Gambling Commissioner said that “an immediate implementation of an internal compliance review,” as well as 888 “proactively” suspending the activities in question – leading to a “significant” revenue loss – were among the factors which led to the settlement figure.
