The UK Gambling Commission has sanctioned TonyBet with a $442,750 penalty package over failure to disclose fair and transparent terms, in addition to social responsibility and anti-money laundering shortcomings.
The sports betting and igaming operator will also undergo a third-party audit to assess whether it is effectively implementing such requirements.
The regulator detailed that unfair terms published on the group’s website include stating that winnings could be confiscated where consumers failed to provide AML documentation within 30 days.
It is also uncovered that TonyBet may request identification documents for all withdrawals, while not having insisted on those same checks earlier in the business relationship, which it was said could potentially hindered withdrawals but not deposits.
TonyBet may also request identification documents for “all withdrawals” despite not having insisted on those same checks earlier in the business relationship, which the UK noted could potentially hamper withdrawals but not deposits.
Furthermore, it was also found that accounts could be considered dormant after six months of inactivity, when this can only be the case after 12 months.
In addition, social responsibility shortcoming identified included failing to identify customers who may be at risk of experiencing harms associated with gambling, as well as not interacting with those that may be at risk of experiencing such harms.
In terms of AML front, it is said that TonyBet failed to conduct adequate risk assessments of the business being used for money laundering and terrorist financing.
Kay Roberts, Executive Director of Operations, said: “Not only does this case illustrate our drive to clamp down on anti-money laundering and social responsibility failures, but also highlights action we will take against gambling businesses who fail to be fair and open with customers.”