Stan James Fined £80,000 By Gambling Commission For Social Responsibility Failure
October 31, 2017
The UK bookmaker will be forced to pay a penalty package for breaching social responsibility and money laundering rules.
Stan James Online have been hit with an £80,000 penalty after an investigation conducted by the UK Gambling Commission.
Stan James, who were founded in 1973, were sanctioned by the governing body after one of their customers used stolen money to make bets between November 2014 and October 2016.
Along with the fine, Stan James were also ordered to take steps to improve their anti-money laundering and social responsibility processes.
The Gambling Commision investigation, which began in March and ended in October, revealed that the bookmaker, “failed to spot problem gambling behaviour and failed to comply with financial requirements aimed at preventing money laundering.”
£137,000 worth of stolen money was said to be gambled by the customer, of which he lost £40,000 over the two year period, though no adequate source of funds were checked by Stan James, nor money-laundering thresholds breached.
“Stan James Online will return £40,000 to the person whose money was stolen and gambled away and a further £40,000 in lieu of a financial penalty,” said the Gambling Commission.
“SJU were open and cooperative throughout the engagement and in correspondence immediately accepted it had not managed the customer appropriately. In reaching the settlement figure we discounted the financial penalty by giving credit to SJU for timely disclosures and early acceptance of their failings.”