UKGC fines Genesis Global over money-laundering failings

After an investigation spanning two years, the UK Gambling Commission (UKGC) has fined Genesis Global £3.8 million ($5.1 million) for multiple money laundering and social responsibility violations.

Before it punished Genesis Global, the UKGC had already warned the operator. It was found to have fallen short of compliance issues in 2020, and was under constant watch by the regulator. The Commission demanded that Genesis Global be subject to an additional, comprehensive audit.

Some of Genesis Global's 14 websites include Vegashero.com. Casinocruise.com. Genesiscasino.com. Genesiscasino.com. Casinojoy.com and Casinoplanet.com.

In July 2020, Genesis Global was banned by the UKGC after an investigation revealed significant money laundering and social responsibility violations. The suspension was lifted after three months of "significant compliance improvements." The operator's old tricks are still being performed, as demonstrated in Thursday's report.

UKGC has discovered three money laundering violations. One such incident involved a client who was allowed to deposit more money than $1.7 million but lost approximately $800,000. The UKGC concluded that the deposit of $30,000 and cash withdrawals of $36,000, as submitted to Genesis by the player, were not sufficient to support the client's gambling level at that time.

Genesis also estimated that a client made $148,772 a year as a director in a London company, despite the fact that directorship pay can vary widely. Genesis inquired about the source of the cash only after the consumer had lost $280,122. The inquiry determined that the company was not currently active.

An NHS (National Health Service) nurse earning approximately $40,000 a year lost nearly $320,000 within three months. She was the first victim of Genesis Global's social responsibility failures. The UKGC found that Genesis knew the person's occupation and earned wages, and didn't engage in responsible gambling.

The UKGC identified another example of social responsibility failure. One customer lost $263,967 in six months. On the day that the woman closed her Genesis account after the losses, the company allowed her registration of a new account and a deposit of $267. UKGC strongly criticized the Malta-based company for not engaging in any meaningful, responsible gambling interactions and establishing affordability.

Genesis Global was negligent in a third gambling incident, as well. A client lost $310,000 within six weeks.

The Swedish gaming operator, Spelinspektionen, also recently punished Genesis for failing to comply with self-exclusion laws. However, the regulator reduced the fines.

The UKGC issued a warning to the gaming industry following the actions against Genesis Global. It said that it will use every tool possible to ensure client safety. It comes as the regulator is being criticized for its strong approach to the gambling market.

A vital report by the Commission was produced by an all-parliamentary panel just days ago. It criticized the regulator for being too harsh in its enforcement of industry regulations.

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