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The Gibraltar Gambling Commissioner has issued a formal caution to Platinum Gaming, the operator of Unibet bingo brand UK.bingo.com, following its recent fine from Great Britain’s Gambling Commission.
Platinum was fined £10 million ($13.1 million) in October for “serious” failings related to anti-money laundering and social responsibility. It was also handed a formal warning and ordered to undergo a third-party audit over the matter.
While the failings were primarily social responsibility issues specific to British regulation, certain AML systems and controls failings from 2023 were flagged as part of the same investigation.
In addition to its British licence, Platinum holds a licence in Gibraltar. As such, the Gibraltar regulator has considered its position, publishing a statement over the matter.
It said there was no specific evidence of money laundering or criminal spend and that there was “very limited financial benefit” to Platinum from the cases. However, it also flagged a “lack of adequate due diligence” for deposit levels and other failures of due diligence and approach to risk.
Examples flagged by the British regulator included failing to identify a user who exceeded their £2,500 loss limit within 16 minutes of registering their account as being at risk of potential harm. Another user staked £73,000 and lost £4,100 in 23 days without any interaction from Platinum.
Meanwhile, Platinum’s customer interaction system failed to identify a player as at risk of harm. This was despite the user losing £5,000 within 24 hours of registration, then over £16,000 in less than three months.
Despite raising concerns over Platinum’s conduct, the Gibraltar regulator elected not to pursue any further financial penalty.
Setting out its reasoning, the regulator noted the historical nature of the failings, which date back to 2023. It also acknowledged the “significant” value of the fine already issued by the British regulator.
In addition, the Gibraltar commission said Platinum’s systems and controls in relation to the Gibraltar regulatory regime have been improved. It said they are considered “satisfactory”, subject to third-party review in respect of the British regulator’s requirements.
However, given the circumstances of the case, the Gibraltar regulator saw it appropriate to issue a formal caution to Platinum.
“On balance, the licence holder is considered fit and proper to hold a Gibraltar licence given the documented improvements it has made to its systems, controls and approach to risk over time,” the commission said.
“Licence holders that are dual licensed are reminded they are expected to comply with the regime not only in Gibraltar but also of other relevant jurisdictions in which they operate.
“The fact that a formal caution has been issued will be taken into consideration if other matters come to light in the future.”
The £10 million fine was the second time Platinum has faced a financial penalty in recent years. In March 2023, it was slapped with a fine of £2.9 million, again for social responsibility and anti-money laundering failures. At the same time, Kindred’s 32Red brand was fined £4.2 million for similar issues.