An 888 Holdings subsidiary, Virtual Global Digital Services, will settle with the Gibraltar Gambling Commission for £2.9 million (approximately $3.7 million). This agreement follows the identification of deficiencies in their “Know Your Customer” (KYC) and “Enhanced Due Diligence” (EDD) protocols.
An earlier internal assessment this year revealed these concerns. The examination found issues such as insufficient KYC safeguards, an excessive dependence on basic EDD indicators, uneven and insufficient EDD verifications, and inconsistent account limitations and closures.
Moreover, the investigation determined that certain patrons were not obligated to furnish crucial source of funds and wealth documentation. This internal assessment commenced after 888 suspended high-roller activity in specific regions in January. Subsequently, 888 introduced updated policies and procedures and reassessed the risk of pertinent accounts by April 2023.
In determining this settlement, the Gambling Commission considered various elements. These included 888’s proactive self-disclosure of the matters, the revenue decline from the frozen accounts, and the rapid execution of the internal compliance review and subsequent control improvements.
The Gibraltar Gaming Authority has absolved 888 Holdings of any misconduct concerning illicit finance or funding of terrorism, subsequent to an inquiry. As a component of the resolution, 888 Holdings has consented to a substantial payment, a fraction of which will bolster the University of Gibraltar’s Center of Expertise for Responsible Gaming’s exploration into compulsive gambling.
Notwithstanding the resolution, 888 Holdings, a prominent and esteemed gaming provider, maintains its Gibraltar permit and is deemed fit to possess it. The firm has previously enacted stringent protocols to rectify the concerns unearthed during the examination.
This issue is now deemed resolved by the Gaming Authority and Licensing Body, with no further statements forthcoming.
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