The gaming behemoth, 888, is shelling out a substantial £2.9 million (a whopping $3.7 million!) to reach an agreement with the Gibraltar Gambling Commissioner. Apparently, their “know your customer” protocols were about as effective as a sieve.

This whole saga began when 888 was forced to hit pause on their VIP initiatives in certain regions earlier this year. It seems their internal audit revealed some, let’s just say, “discrepancies.” We’re talking KYC measures that were about as useful as a chocolate fireguard, an overdependence on high-stakes player designations for heightened scrutiny (because, obviously, affluent individuals never have a motive to conceal funds), and erratic (read: virtually nonexistent) limitations on accounts.

They even permitted certain patrons to slip through the cracks without requesting fundamental verification of earnings or the origin of their wealth. Ouch!

To their merit, 888 did own up swiftly and has been scrambling to implement fresh procedures ever since. They’ve also reassessed the hazards associated with those high-stakes player accounts.

The Gambling Commissioner, in a display of leniency (and probably swayed by 888’s rapid response and the financial blow they endured by suspending those VIP accounts), consented to the resolution.

A representative verified that, up to this point, no proof connects the gaming firm to illicit funds or funding for terrorism.

Included in the resolution, the corporation will contribute to the University of Gibraltar’s Center for Responsible Gaming to aid their efforts in problem gambling avoidance and therapy.

Notwithstanding this agreement, 888 Holdings is still deemed appropriate to retain a permit in Gibraltar. The enterprise has already reinforced its protocols and practices to tackle the identified concerns.

The announcement finished by stating that the issue is now resolved and no further remarks will be provided by the Gambling Commissioner or the Licensing Authority.