UKGC Issues Licence Warning and Imposes £1.8-Million Fine on Silverbond Enterprises for Money Laundering and Social Responsibility Failures

The UK Gambling Commission (UKGC) has imposed a licence warning and some additional licence conditions, as well as a monetary fine of £1.8 million to Park Lane Club for social responsibility and money laundering failures. Two personal management licence holders at the casino venue have also been issued formal warnings and were also warned that they need to improve their record on money-laundering prevention and player protection.

An investigation which the gambling regulatory body held into the operations of Mayfair-based Park Lane Club that is currently run by Silverbond Enterprises Limited led to the penalties faced by the gambling company.

As revealed by the UKGC, the social responsibility failures found during the investigation included not recognising the signs of potential gambling addiction. According to the gambling regulator, the casino staff had to recognise indicators such as a customer asking the casino staff to increase the maximum amount of the money deposit that could be made by cheque, a customer behaving violently, including damaging casino property and threatening staff, as well as a customer asking the casino employees to transfer his winnings to his personal bank account to prevent him from playing further.

On the other hand, money laundering failures included some compliance procedures of the gambling operator which did not provide details about the implementation of anti-money laundering policies. The company was also found to have failed to provide 61 customers with enhanced due diligence.

The Gambling Operator Accepted the Breaches Found, the UKGC Says

In the decision notice which the UK Gambling Commission published on its website, the regulator reminded that operators are expected to review their own practices in order to make sure they manage their customers’ accounts in the best way possible.

On May 3rd, 2018, the gambling regulatory body informed Silverbond that it was commencing a review of its gambling operating licence.

The Commission further noted that three major failings were found as a result of the licence review issued to Silverbond Enterprises Limited trading as Park Lane Club. As revealed by the British gambling regulatory body, the company was found to have made three major failures. According to the UKGC, the licensee violated specific conditions of its operating licence in relation to providing full Enhanced Due Diligence on its top 250 depositing customers. The operator also failed to comply with social responsibility code 3.4.1 of the codes of practice, as well as with anti-money laundering requirements included in licence condition 12.

The Commission stated that the licensee accepted the breaches listed above.

As mentioned above, in line with the Licensing, compliance and enforcement policy statement, the Statement of Principles for determining financial penalties and the Indicative sanctions guidance, the Commission has decided to impose a number of penalties on the operator. It issued a licence warning under section 117(1)(a) of the Gambling Act 2005 and also rolled out some additional licence conditions to Silverbond’s Park Lane Club under the Act’s section 117(1)(b). Furthermore, the UKGC imposed a monetary fine of £1.8 million under section 121 of the Gambling Act 2005.

  • Author
Olivia Cole

Olivia Cole

Olivia Cole has worked as a journalist for several years now. Over the last couple of years she has been engaged in writing about a number of industries and has developed an interest for the gambling market in the UK.
Daniel Williams
Casino Guardian covers the latest news and events in the casino industry. Here you can also find extensive guides for roulette, slots, blackjack, video poker, and all live casino games as well as reviews of the most trusted UK online casinos and their mobile casino apps.

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