10Bet Fined £620,000 for Anti-Money Laundering and Social Responsibility Failures

A British wagering company, 10Bet, managed by Blue Star Planet Limited, has received a significant financial penalty of £620,000 (approximately $748,000) for neglecting its anti-money laundering and social responsibility obligations. This sanction follows an inquiry by the UK Gambling Commission that exposed serious deficiencies in the company’s practices.

The inquiry, initiated in September 2021, revealed substantial flaws in 10Bet’s systems meant to deter money laundering and safeguard at-risk patrons. These problems, identified during a compliance evaluation, indicated a failure to adequately execute and uphold anti-money laundering protocols and responsible gaming measures.

In essence, 10Bet was not taking sufficient action to maintain a secure platform and protect its users, leading the Gambling Commission to intervene. The levied fine, part of a settlement arrangement, will be allocated to support programs aligned with the Commission’s objective of promoting responsible gaming.

The United Kingdom’s Information Commissioner’s Office (ICO) levied a substantial penalty against Blue Star Planet, however, rather than bolstering state funds, the sum will be donated to charitable organizations. The enterprise is obligated to relinquish a considerable £620,000 due to significant data security breaches. Furthermore, they are responsible for covering the expenses incurred by the ICO’s inquiry, amounting to £3,571.25.