Useful information
Prime News delivers timely, accurate news and insights on global events, politics, business, and technology
The Victoria Gate Casino in Leeds has been closed after the UK Gambling Commission suspended its licence.
Leeds’ Victoria Gate Casino was closed on Friday (October 31), following an investigation by the Gambling Commission due to concerns about anti-money laundering and anti-terrorist financing risks. The UKGC suspended its license after a compliance assessment found significant failings in the casino’s policies and controls.
The UKGC has deemed Victoria Gate Casino “inadequate to carry out its licensed activities”, with the assessment revealing that the operator “has not maintained or implemented effective anti-money laundering policies, procedures and controls, as required by the conditions of its licence”. The commission will continue to review the casino’s operation in the future.
As things stand, the casino has closed operations with immediate effect, leaving a notice on the front of the Leeds establishment stating that the license has been “temporarily suspended”.
“We look forward to opening and welcoming you back very soon,” the notice reads. A message has also been added to the casino website. The UKGC has given no indication of how long the further review will take. your statement.
“These shortcomings are considered significant and pose a serious threat to the objectives of licensing, in particular keeping crime out of the game,” the UKGC said. “We have made it clear to the operator that during the suspension we expect it to focus on treating consumers fairly and keeping them fully informed of any developments that affect them.”
The importance of anti-money laundering measures
Since gambling, especially in land-based casinos, is a cash-intensive business, anti-money laundering is a vital measure for any operator. Authorities around the world are typically strict on anti-money laundering policies, and Australia’s financial watchdog also clamped down on inadequate policies earlier this year. Denmark also recently revamped its policies to bring them in line with modern demands.
ReadWrite has contacted Victoria Gate Casino for further comment.
Featured image: Yes, application through Facebook.
The post Victoria Gate Casino Leeds license suspended over money laundering concerns appeared first on ReadWrite.
