Gambling regulators have communicated to all online casino operators in the United Kingdom to raise concerns regarding money laundering.
Also, seventeen (17) firms are currently being investigated by the Gambling Commission, five of which have been informed that their licence to operate is under threat.
The crackdown follows a thorough review of the sector by the UK watchdog to examine how well operators are meeting their obligations to trace the source of money that is wagered and to uphold other requirements of social responsibility.
Sarah Harrison, the chief executive of the Gambling Commission, stated: “It is vital that the gambling industry takes its duty to protect consumers and keep crime out of gambling seriously.
“The action we are taking to examine online casino operators’ compliance with money laundering and customer interaction requirements is just one example of how we will be relentless in turning that vision into reality.”
Harrison added: “As the online sector continues to grow, and now accounts for a third of the British gambling market, it is right that we maintain a sharp focus on online gambling. That is why in addition to our work on compliance among online casino operators, we have also been conducting a wider-ranging review of online gambling looking at how the market has evolved and to identify where further action can be taken to make gambling fairer and safer for consumers.”