(PRESS RELEASE) -- The Lithuanian Gaming Supervisory Authority imposed a fine of 468,350 euros on UAB Baltic Bet, which manages the Optibet trademark, for improperly verifying the origin of client funds on 16 April. The investigation was conducted after receiving information that a natural person had lost a large amount of money in several companies, including UAB Baltic Bet.
The inspection by the LPT found that UAB Baltic Bet did not comply with the requirement of the Law on the Prevention of Money Laundering and Terrorist Financing to collect information about the client and the origin of their funds allocated for gambling before allowing gambling. Gambling organizers are also required to monitor the behavior of customers and ensure that the amounts they bet correspond to the specified sources of funds.
UAB Baltic Bet did not have sufficient information about the client's sources of funds, and therefore could not properly monitor his gambling and identify suspicious transactions.
The LPT decided that UAB Baltic Bet had not properly complied with the requirements of the law on customer due diligence, monitoring of business relationships and management of the individual customer's risk of money laundering and terrorist financing. The company also failed to ensure that information about suspicious financial transactions was submitted to the Financial Crimes Investigation Service. All of these measures are necessary for the prevention of money laundering and terrorist financing.
When imposing the fine, the LPT took into account aggravating and mitigating circumstances. UAB Baltic Bet has not previously committed violations related to the requirements for the prevention of money laundering and terrorist financing. There are no indications that the company intentionally committed violations. UAB Baltic Bet cooperated with the LPT during the inspection and provided the requested information. However, the violations were committed for several years, and the company received material benefits from the gambler.
The Gambling Supervisory Authority annually organizes training for gambling and lottery organizers to strengthen the prevention of money laundering and terrorist financing. It has also adopted mandatory instructions aimed at preventing money laundering and/or terrorist financing. Both individual and general consultations are provided on the issues of the aforementioned instructions and the implementation of the law.
The decision regarding the violations found by UAB Baltic Bet can still be appealed to the court.