(PRESS RELEASE) -- Betit Operations Limited and MT SecureTrade Limited, both subsidiaries of Gaming Innovation Group Inc., have each concluded a regulatory settlement with the UK Gambling Commission for shortcomings in their operations regarding anti-money laundering and social responsibility controls during the period 2014 - 2017. Failures relating to requirements around key event notifications were also identified. Betit has agreed to pay £1,400,000 and MT SecureTrade £700,000 (a total of circa €2,450,000) to responsible gambling charities pursuant to negotiated regulatory settlements. The assessments were carried out in 2017 and 2018.
Robin Reed, CEO of GiG comments: “Each company acknowledged previous weaknesses in its controls to meet social responsibility requirements early in the Gambling Commission process and immediately took steps to address the gaps in its procedures. It has been such transparency and cooperation, which we are pleased that the Gambling Commission has publicly acknowledged, and agility to implement improvements that allowed us to avert a sanction. Commencing from the end of 2017, GiG has embarked on an ambitious journey to place player well-being, prevention of money laundering and sustainable business practices at the core of its operators.
In the last two years, we have invested heavily in automated technology such as Artificial Intelligence and Machine Learning enabling early prevention, monitoring and other reporting tools. We have also invested in people, building our compliance and player safety teams and ensuring that the necessary tools are available to them to assist in their duties of reducing the risk of business being used to further financial crime and detecting and interacting with players who may be vulnerable or at risk of problem gambling.
We are committed to being part of the solution, forming a safe environment for all our stakeholders and to reduce gambling related harm through our products and services. Our Vision is to open up iGaming to make it fair and fun for all, where our work is based on trust, respect, integrity and a safe gambling environment for the end user.”
GiG made accounting provisions for these payments as set out in the 2018 Annual Report.