Failings identified in Stan James Online’s AML & social responsibility processes

Following an investigation by the Gambling Commission, it has been announced that SJU Limited, trading as 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 Gambling Commission advises all operators to read Stan James Online: Regulatory Settlement for further details and lessons to be learned. Within that public statement (that can be downloaded below), the Commission advises that, to avoid making the same mistakes, operators should consider the following questions:

  • Will your policies identify at risk customers who may not be displaying obvious signs of, or overt behaviour associated with, problem gambling?
  • Have you ensured you are regularly updating and reviewing anti-money laundering policies?
  • Are you gaining a holistic picture of the customer source of funds/wealth using all of the information available?
  • Once an at risk customer has been identified via an alert, do you have in place procedures for reviewing all the information available in order to decide how to respond?