Genesis Global Fined By UKGC

This story was published more than 2 years ago.

This week the UK Gambling Commission issued a huge £3.8 million fine to operator Genesis Global for money laundering and social responsibility failures.

The fine came after the regulator suspended the company's gaming license in the country in July 2020 while a review was conducted. That decision was appealed and the company was allowed to continue offering services during that time. Now, the review has ended and the hammer has fallen. The Commission found that the operator had multiple failings in regard to its social responsibilities and anti-money laundering policies. The review also found additional failings by the operator, which led to the huge fine.

The UKGC said that one gambler spent £245,000 in three months on one account with no restrictions being implemented, despite Genesis staff knowing the punter was a nurse that makes £30,000 annually. Another gambler lost £197,000 without any interactions being carried out, while another was able to lose £234,000 without any interactions.

Genesis was also found to have not carried out due diligence in regards to potential money laundering cases. One customer was able to deposit £1.3 million and lost £600,000 before any checks were carried out.

Genesis will be able to continue offering its services in the country, although it will have to amend its compliance operations in order to maintain its license.

Regarding the fine UKGC Executive Director Helen Venn said, "All gambling businesses should pay very close attention to this case. The Commission will use all tools at its disposal to ensure consumer safety and that extends to stopping a business from actually operating.

"Failing to follow rules aimed at keeping gambling safe and crime-free will never be a viable business option for gambling businesses in Britain."

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About the author

Dustin Jermalowicz // News Editor
Dustin Jermalowicz
Dustin has a long-standing passion for gambling. He has been writing professionally on the subject and breaking industry news for Casino Listings since 2011. His favorite casino games include Blackjack, Poker, and Hi/Lo. A proud native of Detroit, Dustin currently lives in Michigan.
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29 January 2022 - 6:49pm

I find it very interesting that it happens to them the second time. After all, they even lost their UK license for a while, so I thought they would make sure that they abide by all the necessary UK rules after that.