Jumpman Gaming Limited
Alderney, GY93TQ, United Kingdom
What is a settlement?
Following an investigation into a licence holder we may enter into a regulatory settlement. These take place, for example, where the licence holder has been open and transparent with us and has shown a willingness to suggest actions that prevent the need for a more formal sanction.
Decision date: 17 May 2022
Outcomes: Payment in lieu of financial penalty, Divestment, Public statement and Commission costs
Details of action
This investigation resulted in the commencement of a section 116 regulatory review of Jumpman Gaming Limited (Jumpman). The Commission commenced its regulatory review on 3 September 2020 following concerns identified in a compliance assessment conducted in July 2020.
The regulatory review found failings in Jumpman’s processes which were aimed at preventing money laundering (ML) and promoting safer gambling by protecting vulnerable people. Evidence gathered during the compliance assessment and the subsequent review of the operating licence found Jumpman failed to comply with the Licence Conditions and Codes of Practice (LCCP), specifically:
- paragraphs 1, 2 and 3 of Licence Condition (LC) 12.1.1, requiring compliance with the prevention of money laundering and terrorist financing
- Licence Condition 12.1.2 requiring operators based in foreign jurisdictions to comply with the Money Laundering, Terrorist Financing and Transfer of Funds (Information of the Payer) Regulations 2017 (“the 2017 Regulations”)
- paragraphs 1 and 2 of Social responsibility code provision (SRCP) 3.4.1: requiring licensees interact with customers in a way which minimises the risk of customers experiencing harms associated with gambling, and to take into account the Commission’s guidance on customer interaction.
Further failings of the following LCCP were also identified:
- paragraphs 1 and 2 of SRCP 3.9.1, requiring policies and procedures are put into effect that are designed to identify separate accounts held by the same individual, and requirements where licensees allow customers to hold more than one account with them.
Taking into account remedial action taken by Jumpman and in line with our Statement of principles for licensing and regulation, Jumpman will pay a total of £500,000 in lieu of a financial penalty.
More information about this case can be found on the Commission’s website.