White Hat Gaming has agreed to pay a settlement of £1.3m after a UK Gambling Commission investigation identified a series of money laundering and social responsibility failures with the Malta-based operator.
The investigation identified failings in the way online operator White Hat Gaming identified and managed customers who were at higher risk of money laundering and problem gambling.
Inadequate anti-money laundering and social responsibility procedures led to failures including not establishing the source of funds for a customer who lost £70,000 in three months and ineffective interaction with both a second customer who lost £50,000 in just six hours and a third customer who lost £85,000 in just over one hour.
In addition to paying a £1.3m regulatory settlement, White Hat Gaming has committed to an ongoing programme of improvements to strengthen its policies and procedures.
Richard Watson, Commission Executive Director, said: “Through our tough compliance and enforcement activity we will continue our work to raise standards in the industry and continue to hold failing operators to account.”
The operator’s £1.3m payment in lieu of a financial penalty will be directed towards delivering the National Strategy to Reduce Gambling Harms.