Mr Green Fined 3M pounds for failing Social responsibility and AML.

So another one bites the dust

Mr Green fined 3M for failing social responsibility and AML.

I thought Casumo asking for SOW dated back 3 years was worse, but Mr Green accepting SOF from 10 years ago is beyond me.

http://www.gamblingcommission.gov.uk/news-action-and-statistics/news/2020/Mr-Green-to-pay-3m-for-regulatory-failures.aspx

From the article:

[Mr Green]

...did not carry out social responsibility interaction with a customer who won £50,000, gambled it away and deposited thousands more pounds

...took ten-year-old evidence of a £176,000 claims payout as satisfactory evidence of source of funds (SOF) for a customer who deposited over £1m

...accepted a photograph of a laptop screen showing currency in dollars on an alleged crypto trading account as adequate SOF.

Ouch, that's bad. Mr Green has been one of my favorite casinos, never had any issue with them. 

If I understood correctly, they didn't get the license revoked, so hopefully they'll patch up the cracks and keep up with the good practice guidelines. 

Yeah license is in tact tho, however they just been fined, as we seen many like casumo, videoslots, 32 red in the past year.

Also saw stakers casino license is suspended in the interm.

UKGC not playing these days and we can just assume the market for UK online gambling is not the same anymore as it was 12/24 months ago.

Definitely, the market is not the same. While on the one hand, some changes they've made are beneficial and necessary, some others - like trying to ban VIP schemes - are absolutely ridiculous and make it seem as if they're trying to eliminate online gambling entirely.

CC ban - Im for it (Cant gamble money you do not own), but does this make it different than paying for a holiday accross the ocean with money you do not have by using your CC?

Bonus Buys - Removal of this feature pissed lot of people off

Bet Limit - $2 a stake (reasonable, IMHO most problem gamblers are from the UK) according to me and what I have heard...

A worrying one - customer won, customer Lost the 50k winnings. Let’s be honest, when we win the casino gets it back, might not be in a day, or a week, or a month but return it we do... is the difference here the speed? Here I think RG should have kicked in from Mr Green , considering the customer deposited thousands more pounds and lost it all.

I hit 50K, I will not see an online casinos for a few months .

The same thing has happened to other brands as well. Take LeoVegas for example - the company was fined by the Dutch KSA with €3.5 million in December 2019 for targeting players through a loophole and iDEAL, local payment service.

Read more here:

Dutch Gambling Authority Fines a Total of €3.5m in 2019

A punter totally in touch with reality: *wins £50,000, gambles it away and deposits thousands more pounds*

MG's keen management: "Yeah, he'll be alright."

So, them claiming that “number one priority at Mr Green is that we offer responsible gaming to our clients.” is nothing but a foolish joke. 

On top of that, they have Green Gaming Tool, which “has been designed by a team of industry experts in order to help you assess your gambling behaviour and therefore determine whether your gambling habits are healthy or whether you may be at risk.”

What happens with these?!

I mean, this player obviously has his problems, but Mr Green should have followed its own principles, and avoid degrading the name of the brand like this. 

I cannot play at Mr Green as I am restricted, but as far as I know they are a decent outfit. Withdrawals take 1 minute to be processed, game selection is good etc.

Just really bugs me that casinos are fined for something thats preventable and at the same time they lose a ton of money and slight bad rep at the time. 

Common I am sure they have specialist in security and risk managment or was the systems inadequate for them to pick up what they were being accused for? 

another thing as well - Things are being called SOW when they’re SOF; there’s a difference not just in name but in practicability

Hmm, Mr Green has always been a reputable brand, hopefully their UK licence won't be revoked.  However when it comes to SOF and SOW, conducting these assessments requires specialist skills as this is a multi-faceted process. I'm wondering if online casinos have such specialists to deal with it...We're probably going to see more online casinos being fined for the same regulatory failures in the future.
As per AML-CFT; SOW (Source of Wealth) refers to the origin of the customer’s entire body of wealth while (for example; ownership of a business employment inheritance, investments) while SOF (Source of Funds)  refers to the origin of the particular funds or any other monetary instrument which are the subject of the transaction between a Financial Institution and the customer. Another definition of SOF is the origin and means of transfer of monies that are accepted for the account. (for example; funds are from a saving account owned by parents, funds are from certain bank account owned by a company...)

SOF is typically in relation to the course for that transaction. Deposits into casino from same account, or even one time. You're looking at that specific account that's been used to fund the casino deposit. 

SOW is in relation to the entire asset base of your money - yes, i have the bank account above but i also have  a house/inheritance etc. 

In practice they're actually used together.

SOW would fit more in with RG in many ways - because your asking to see how much money the person has, not just the bank account like in SOF. But it's under the AML as well - mainly cos of the ability to layer money. 

AML guidance requires you to establish both - which is fair: one for the transactions and the SOW for how that fits in with their overall wealth. 

The burden for each is different as well - SOF is far easier to establish - SOW's more tangled. 

Reason why things like this have individuals with specific skillsets. But we're supposed to believe casino's have this ? Yeah, right - they can't even keep a hold of some of their affiliates and marketing databases

Thanks for explaining the difference between SOF/SOW.. I personally had no clue as to what meant what.