Casumo Handed £6 Million Fine For Regulatory Breaches
Casumo the online gambling company has been handed a hefty fine by the UK Gambling Commission (UKGC) following major breaches in its social responsibility and money laundering controls.
The UKGC said it found multiple instances where the company failed to interact with players who lost large sums in relatively short periods of time. The regulator said one such example was a player who lost £1.1 million over three year but failed to communicate with the player on responsible gambling.
Another customer lost £89,000 in just five hours but once again Casumo failed to interact with the customer regarding safer gambling and if the player could afford losing such a large sum.
The regulator also pointed to another three such instances of large sums being lost over a short period where the company failed in its social responsibility rules.
In total Casumo was fined £6 million by the UKGC for the breaches which were from October 2019 to January 2020.
In response to the warning by the UKGC and fine CEO of Casumo Shelly Suter-Hadad said: “Since joining Casumo last year, my focus has been on putting in place a new senior leadership team and Personal Management License holders with extremely strong industry experience and the knowledge and expertise to ensure we are a compliance-led business.
“In addition, recognising that key processes fell short in the past, I took immediate action to implement fundamental operational changes so that Casumo is now a gaming group with compliance and responsible gambling at the heart of its business and culture.”
