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  1. Public register
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  3. Settlement for Annexio (Jersey) Limited
Settlement

Annexio (Jersey) Limited

Account number:
Decision date:
20 January 2022
Outcomes:
Divestment, Payment in lieu of financial penalty, Commission costs and Public statement

Details

This investigation resulted in the commencement of a section 116 regulatory review of Annexio (Jersey) Limited (Annexio) operating licence. The regulatory review found failings in Annexio’s processes which were aimed at preventing money laundering and protecting vulnerable people.

Between October 2019 and November 2021 Annexio failed to comply with the Licence conditions and code of practice, specifically: 

  • Paragraphs 1, 2 and 3 of licence condition 12.1.1, requiring Licensee’s to conduct an assessment of the risks to their business being used for money laundering and terrorist financing; have appropriate policies, procedures and controls to prevent money laundering and terrorist financing and ensure they are kept under review, revised appropriately and take into account any applicable learning or guidelines published by the Commission.  
  • Paragraph 1 and 2 of social responsibility code provision (SRCP) 3.4.1, requiring licensees to identify customers who may be at risk of or experiencing harms associated with gambling, interact with such customers and understanding the impact on the customer andthe effectiveness of their actions and approach. Licensees must also take into account the Commission’s guidance on customer interaction.
  • Licence Condition 15.2.1 requiring operators to report key events to the Commission. 

Taking into account the remedial action taken by Annexio and in line with our Statement of principles for licencing regulation, Annexio will pay a total of £612,000 in lieu of a financial penalty. 

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

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