888’s Virtual Global Digital Services Ltd subsidiary has reached a settlement worth £2.9m ($3.7m) with the Gibraltar Gambling Commissioner over VIP-related failings in the Middle East.
The Commissioner said a series of weaknesses were identified in 888’s historical compliance approach. These included ineffective know your customer (KYC) obligations that failed to record and verify address details in certain cases.
Other failings related to over-reliance on high thresholds for enhanced due diligence (EDD) intervention and lack of clarity in this approach. The review also noted a lack of consistency in the effectiveness of EDD checks.
The Commissioner said there was an inconsistent approach over keeping accounts open with restrictions as opposed to closing accounts.
