Netbet Enterprises Limited
Details
A regulatory review under section 116 of the Act was commenced following a Compliance Assessment (the Assessment) of the remote Operating Licence of Netbet Enterprises Limited (the Licensee) (licence number 039170-R-319343-028).
The review found failings in the Licensee’s Anti-Money Laundering / Counter Terrorist Financing (AML/CTF) and Social Responsibility (SR) controls. The failings related to the Licensee’s online casino and betting activities.
The Licensee failed to comply with the following Licence Conditions and Codes of Practice (LCCP) over varying periods between 3October 2023 to July 2024:
- paragraphs 1, 2 and 3 of Licence Condition (LC) 12.1.1 which requires licensees to ensure they have an appropriate risk assessment, policies, procedures and controls to prevent Money Laundering (ML) and Terrorist Financing (TF). The Licensee must also ensure that ML policies, procedures and controls are implemented effectively, kept under review, revised appropriately to ensure that they remain effective, and take into account any applicable learning or guidelines published by the Gambling Commission.
- paragraphs 1, 2, 5, 10, 11 and 14 of Social Responsibility Code Provision (SRCP) 3.4.3 relating to remote customer interaction.
- SRCP 3.2.11 - Remote SR code
- SRCP 5.1.9 - Other marketing requirements
- Licence Condition 15.3.1 - General and regulatory returns
In line with our Statement of Principles for Licensing and regulation, the Licensee will make a payment in lieu of a financial penalty of £650,000. Details of this are set out under the heading Regulatory Settlement.
Further information about this case can be found on the Gambling Commission’s public statement, which can be found here: NetBet Enterprises Limited Public Statement