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  1. Public register
  2. Regulatory action register
  3. Settlement for MT SecureTrade Limited
Settlement

MT SecureTrade Limited

Account number:
Decision date:
15 May 2019
Outcomes:
Divestment, Divestment, Payment in lieu of financial penalty, Commission costs and Public statement

Details

The Commission carried out an investigation into MT SecureTrade Limited, which identified weaknesses in its anti-money laundering and customer interaction controls.

The investigation found breaches of:

  • Licence condition 12.1.1.1
  • Licence condition 12.1.1.2 and 12.1.1.3
  • Licence condition 12.1.2
  • Licence condition 15.2.1

The investigation also found a failure to comply with:

  • Social responsibility code 3.4.1
  • Ordinary code 3.4.2

In line with our Statement of principles for licensing and regulation, MT SecureTrade has agreed a regulatory settlement consisting of:

  • A payment in lieu of a financial penalty of £592,333 which will go to National Responsible Gambling Strategy project(s) to pay for research and treatment,
  • Divestment of:
    • £73,667 to Customer A
    • £34,000 for the benefit of Customer C’s victims
  • A voluntary placing of additional conditions on MT SecureTrade’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 £15,301 towards our investigative costs.

For more information, please see the Commission’s public statement, which can be found on our website.

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