Stan James Online to pay £80,000 penalty package for social responsibility and money laundering failures

Business News

Following an investigation by the Gambling Commission, Stan James Online will pay a penalty package of £80,000 and take steps to improve its anti-money laundering and social responsibility processes.

The case concerned a customer who deposited stolen money with Stan James Online between November 2014 and October 2016. Commission enquiries revealed that during this time the operator failed to spot problem gambling behaviour and failed to comply with financial requirements aimed at preventing money laundering.

Stan James Online will return £40,000 to the person whose money was stolen and gambled away. Stan James Online will also pay £40,000 in lieu of a financial penalty.

The customer managed to gamble £137,000 of stolen money – losing £40,000 – over a two year period from November 2014 to October last year without triggering money-laundering thresholds or being subjected to adequate source of funds checks, the commission said.

The commission said it had discounted the financial penalty by giving credit to Stan James for “timely disclosures and early acceptance of their failings”.