{"id":8,"date":"2024-06-10T05:35:21","date_gmt":"2024-06-10T02:35:21","guid":{"rendered":"https:\/\/75nodepositbonuscodesunriseslots.icu\/2024\/06\/10\/888-pays-2-9-million-for-kyc-failures-in-gibraltar-settlement\/"},"modified":"2024-06-11T10:35:59","modified_gmt":"2024-06-11T07:35:59","slug":"888-pays-2-9-million-for-kyc-failures-in-gibraltar-settlement","status":"publish","type":"post","link":"https:\/\/75nodepositbonuscodesunriseslots.icu\/2024\/06\/10\/888-pays-2-9-million-for-kyc-failures-in-gibraltar-settlement\/","title":{"rendered":"888 Pays \u00a32.9 Million for KYC Failures in Gibraltar Settlement"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/hqbEkNOhgjM\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>The gaming behemoth, 888, is shelling out a substantial \u00a32.9 million (a whopping $3.7 million!) to reach an agreement with the Gibraltar Gambling Commissioner. Apparently, their &#8220;know your customer&#8221; protocols were about as effective as a sieve. <\/p>\n<p>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&#8217;s just say, &#8220;discrepancies.&#8221; We&#8217;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.  <\/p>\n<p>They even permitted certain patrons to slip through the cracks without requesting fundamental verification of earnings or the origin of their wealth. Ouch!<\/p>\n<p>To their merit, 888 did own up swiftly and has been scrambling to implement fresh procedures ever since. They&#8217;ve also reassessed the hazards associated with those high-stakes player accounts. <\/p>\n<p>The Gambling Commissioner, in a display of leniency (and probably swayed by 888&#8217;s rapid response and the financial blow they endured by suspending those VIP accounts), consented to the resolution. <\/p>\n<p>A representative verified that, up to this point, no proof connects the gaming firm to illicit funds or funding for terrorism. <\/p>\n<p>Included in the resolution, the corporation will contribute to the University of Gibraltar&#8217;s Center for Responsible Gaming to aid their efforts in problem gambling avoidance and therapy.<\/p>\n<p>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.<\/p>\n<p>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. <\/p>\n","protected":false},"excerpt":{"rendered":"<p class=\"text-justify mb-2\" >The gaming behemoth, 888, is shelling out a substantial \u00a32.9 million (a whopping $3.7 million!) to reach an agreement with the Gibraltar Gambling Commissioner. Apparently, their &#8220;know your customer&#8221; protocols were about as effective as a sieve. This whole saga began when 888 was forced [&hellip;]<\/p>\n","protected":false},"author":54,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>888 Casino<\/title>\n<meta name=\"description\" content=\"Online gambling giant 888 faces a hefty fine for major KYC failings. 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