888 Dealing with Compliance Issues
Will the company 888 part with their license after a $12 million fine?
Online gambling company 888 has announced that it will retain its Gibraltar license, despite having been found to be in breach of compliance regulations. The company has stated that it has taken steps to address the issues and they are now in the correct order with all regulations required. Gibraltar’s regulatory body has confirmed that it will not be revoking 888’s license but instead will continue to monitor the company’s adherence to compliance rules for the time being going further. This means that 888 can continue to operate its online gambling services in Gibraltar, providing a boost to the local economy and the gambling industry.
The company was found to have breached regulations related to the prevention of money laundering and problem gambling. However, after negotiations with Gibraltar’s regulatory authority, the Gibraltar Gambling Commission (GGC), has agreed that the license will be maintained for now.
888 has been released with a $12.6 million fine after these findings in 2022. Because Gibraltar is part of Britain, some wondered if the UKGC will put on its own search into the 888 company and the issues found. As of yet though, the UK has not declared any plans to do so for the time being. Regardless, if the UKGC does their own search, it will have further penalties for 888.
In return for retaining the license, 888 has agreed to take measures to strengthen its compliance procedures, including the implementation of additional internal controls and the appointment of an independent auditor to monitor its operations. The company appears to have expressed regret for the breaches and says they are fully committed to ensuring that such incidents do not occur again in the future, in any way; shape, or form.
This decision by the GGC serves as a reminder to all companies operating in the online gambling industry, that they must always adhere to strict compliance procedures. This is to ensure the protection of customers and the integrity of the industry. 888’s commitment to improving its procedures will likely be seen as a positive step by the wider industry; as it will be demonstrating the importance placed on maintaining high standards of operation.
Making things far from better for 888, they were shown to be exceptionally upset with their Q4 financial winnings after the William Hill acquisition and decided to divide themselves from, Yariv Dafna; the chief financial officer in response to their policy. As for 888’s VIP accounts, findings showed that were where most of the compliance issues were found, and most of them from the Middle East, showing thankfully an isolated problem.
