L & L Europe Limited Fined £900,000 for Regulatory Failures

L & L Europe Limited, a licensed gambling operator in the United Kingdom, has reached a £900,000m settlement with the Gambling Commission (UKGC).

The UKGC alleged regulatory failures including unnecessarily delayed consumer withdrawals, as well as anti-money laundering shortcomings. The operator was fined for not allowing consumers to request multiple withdrawals until the first one had been approved. This was deemed unfair and against the Consumer Rights Act 2015.

The company was also cited for failures to uphold anti-money laundering criteria and prerequisites, such as a lack of appropriate controls in place to identify risks associated with money laundering and terrorist financing. The operator is also said to have failed in conducting due diligence procedures in certain instances. Another set of issues outlined by the UKGC involved social responsibility failings, including lack of safer gambling alerts.