Betit Operations Limited
St. Julians, STJ 3148, Malta
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: 15 May 2019
Outcomes: Payment in lieu of financial penalty, Commission costs, Public statement and Variation to apply conditions to licence
Details of action
The Commission carried out an investigation into Betit Operations Limited, which identified weaknesses in its anti-money laundering and customer interaction controls.
The investigation found breaches of:
- Licence condition 22.214.171.124
- Licence condition 12.1.1(2) and 12.1.1(3)
- Licence condition 12.1.2
- Licence condition 1.2.1
- Licence condition 15.2.1
The investigation also found a failure to comply with:
- Social responsibility code 3.4.1
Betit acknowledged its shortcomings at an early stage.
In line with our Statement of principles for licensing and regulation, Betit has agreed a regulatory settlement consisting of:
- A payment in lieu of financial penalty of £1,400,000 which will go to National Responsible Gambling Strategy project(s) to pay for research and treatment,
- The voluntary placing of additional conditions on Betit’s operating licence under section 117(1)(b) of the Gambling Act 2005,
- Agree to the publication of a statement of facts by the Commission, and
- Payment of £18,732 towards our investigative costs
For more information, please see the Commission’s public statement, which can be found on our website.