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  1. Public Register
  2. Businesses
  3. ProgressPlay Limited

ProgressPlay Limited

Account number

39335

Head office address

Kolonakiou 26,Office No.18, Agios Athanasios,
Limassol, 4103, Cyprus

Regulatory actions

Settlement
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 Progress Play Limited’s, (Progress Play). The Commission commenced its regulatory review on 14 August 2020.

The regulatory review found failings in Progress Play’s processes which were aimed at preventing money laundering and protecting vulnerable people. Progress Play failed to comply with the Licence conditions and codes of practice (LCCP), specifically:

  • paragraphs 2 and 3 of Licence Condition 12.1.1, requiring measures for 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
  • paragraphs 1 (a), (b), (c) and 2 of social responsibility code provision (SRCP) 3.4.1, requiring licensees to 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.

Taking into account remedial action taken by Progress Play and in line with our Statement of principles for licensing and regulation, Progress Play will make a payment in lieu of a financial penalty and divestment to the sum of £175,718.00 It will also pay Commission costs of £12,466.35.

More information about this case can be found on the Commission’s website. 

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