LC International Limited
This investigation followed a compliance assessment and resulted in the commencement of a section 116 regulatory review of LC International Limited (LCI), Combined Remote Operating Licence. The regulatory review found failings in LCI’s processes which were aimed at preventing Money Laundering (ML) and safer gambling.
Between December 2019 and October 2020, LCI failed to comply with certain Licence Conditions and Codes of Practice (LCCP), specifically:
- paragraphs 1, 2 and 3 of licence condition 12.1.1, requiring the prevention of money laundering and terrorist financing (ML and TF)
- 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 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 Gambling Commission’s guidance on customer interaction
- paragraphs 1 and 2 of SRCP 3.9.1 requiring Licensees to put into effect policies and procedures designed to identify separate accounts which are held by the same individual and where customers hold more than one account, the Licensee must have and put into effect procedures which enable them to relate each of a customer’s such accounts to each other.
Taking into account remedial action taken by LCI and in line with our Statement of Principles for licensing and regulation, LCI will voluntarily divest itself of £544,048.03 and pay £13,455,952 in lieu of a financial penalty resulting in a total payment in lieu of a financial penalty of £14,000,000.
More information can be found on the Commission's public statement into this case.