This time, it’s Onisac Ltd., a casino operator and management company, that must pay the Gambling Division of Gibraltar £850,000 ($1.13 million) as a consequence of failing to properly comply with anti-money laundering regulations.
What did Onisac Ltd. do to get fined £850k?
Onisac is a high-profile operator of several popular online casinos such as Casino.com and SlotsHeaven.com. These casinos all fall under the regulatory purview of the Gambling Divison of Gibraltar and the UK Gambling Commission.
In this case, Onisac recorded a number of problems related to its non-UK players and compliance with AML regulations. In 2020, the Gambling Divison of Gibraltar offered advice related to the proper application of AML controls, but Onisac’s team did not properly implement the advice.
As a result, it must now pay £850,000 to the regulator. The funds will go to the Consolidated Fund in Gibraltar. The figure was reached in a settlement with Onisac’s new managers during which the operator agreed to fix the AML breaches and improve compliance controls.
AML/KYC laws are extremely serious in iGaming
As this story and others that we have previously reported show, regulators in legal iGaming markets take AML regulations and compliance extremely seriously. This is especially true in the United Kingdom and the European Union.
AML laws exist to keep regulated online casinos free from financial corruption. If the proceeds of crime flow through the industry, it will in turn damage its reputation, leading to a business that is viewed with social contempt rather than light-hearted and safe entertainment.
That’s why we only recommend regulated UK-approved live casinos like 32Red, Dream Vegas, and Mr. Green. All of these operators hold UKGC licences and comply with the regulations laid out by that authority.
When selecting a live casino, it’s important to make sure you’re dealing with legit, safe, and respectable operators who comply with the necessary laws. While even legit operators can sometimes fall foul of the regulations, we make sure to only recommend live casinos run by operators who make every effort to comply. However, it’s also up to players to do their bit by only playing at casinos that set a good example.
It makes iGaming safer for everyone; players, operators, governments, and everyone else.