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UK Gambling Commission (UKGC), has issued a PS442,750 fine and warned TonyBet about its failure to provide fair and transparent terms and to comply with anti-money laundering and social responsibility rules.
Operator tonybet.co.uk will have to go through a third party audit to ensure that it meets all social responsibility and anti-money laundering requirements.
TonyBet’s website published unfair terms, including the following:
- TonyBet might request identification documents for all withdrawals, but may not have insisted on the same checks earlier in their business relationship. This could potentially hinder withdrawals, but not deposits.
- If winnings are not provided within 30 days, they could be confiscated
- Accounts are considered to be dormant after six consecutive months of inactivity. However, accounts can only become dormant after twelve months of inactivity.
Failures in social responsibility included failure to identify customers at risk from gambling-related harms and failing to interact effectively with those customers.
Failures in anti-money laundering included failure to properly assess the risk of the business used for money laundering or terrorist financing and failing to make sure they have adequate policies, procedures, and controls to stop money laundering.
Kay Roberts, UKGC’s Executive Director of Operations, stated: “This case not only illustrates our drive to crack down on anti-money launder and social responsibility failures but also highlights the actions we will take to punish gambling businesses that fail to be fair or open with customers.”
