Casumo the Maltese online casino and sportsbook company has been handed a whopping £6 million fine from the UKGC (United Kingdom Gambling Commission) for a series of historical social responsibility and anti-money laundering failures.
The UKGC found Casumo was failing in interacting with problem gamblers, not checking sources of funds efficiently, and not checking documentation adequately.
An audit of Casumo by the UKGC between October 2019 and 8 January 2020 found that Casumo had failed to put into effect policies and procedures on customer care interventions.
One Casumo customer lost £1.1 million over a period of three years ‘without being subject to responsible gambling interactions’. Casumo failings saw one customer lose £89,000 in a five-hour period and another customer lost £59,000 within just an hour and a half.
Casumo brought in a new CEO to improve compliance processed. Shelly Suter-Hadad was appointed for her experience in building compliance-led gaming groups and has held operational control since January 2020. Suter-Hadad said:
“Since joining Casumo last year, my focus has been on putting in place a new senior leadership team and Personal Management Licence holders with extremely strong industry experience, and the knowledge and expertise to ensure we are a compliance-led business.
“In addition, recognising that key processes fell short in the past, I took immediate action to implement fundamental operational changes, so that Casumo is now a gaming group with compliance and responsible gambling at the heart of its business and culture.”
There was a further assessment in July 2020 by the UKGC. The Commission noted that there has been a big shift in Casumo's policies, processes, and AML controls since Suter-Hadad took operational control. Casumo also keeps its UK license.
However, Richard Watson, Commission Executive Director, said:
“This case was brought about through planned compliance activity and every operator out there should be aware that we will continue to take firm action against those who fail to raise standards.”