888 Accepts UKGC adjustments after results from findings show processes were unsuccessful. 888 takes swift action to correct problem areas. (Photo by Geralt on Pixabay)
888 accepts the UK Gambling Commission’s(UKGC) statement, which was released on its site pertaining to some of the Group’s prior anti-money laundering and safer gambling procedures and policies in the United Kingdom. This is coming after the UKGC updated its fair terms and practices under a revamp of the framework earlier in the year.
Following the compliance assessment carried out by the UKGC, which was wrapped up in October 2020, 888 took swift action to enhance its internal procedures and policies. The goal of this was to make certain that it fully complied with its licensing obligations with the UK. Some of the measures taken by 888 include:
- The implementation of extra checks on customers regarding their loss limits and source of funds Channelling more resources to its compliance and safer gambling team. This will include providing more training for the relevant employees.
- Minimizing the threshold in 888’s Observer, the customer behaviour monitoring technology developed by internal experts that trigger alerts and client interactions.
- Developing and reinforcing 888’s assessment of the anti-money laundering threats faced by the business
Furthermore, since then, 888 has kicked off numerous other crucial gambling initiatives. Some of these include the establishment of a Control Centre, which is an interface that focuses on customers, and allows them to keep track of their gambling activities, done via automatically provided real-time data. 888 also developed a new ESG board committee that will boost the Board’s oversight of the ongoing progress of 888 pertaining to its objectives and commitments to safer gambling. 888 is fully devoted to ensuring gambling is safer and has proactively and openly engaged with the UKGC all through the investigation process. The UKGC made it known in its results to the Group that it attained confidence from the information offered by 888, alongside the lessons learned and insights obtained as it started its correspondence with the UKGC.
888 does not foresee today’s announcement affecting the Group’s 2022 forecast since it has previously made arrangements for the financial effect of the concerned matters, alongside the changes involving dealing with the findings from the investigation.
Group CEO Promises That They Will Correct the Shortcomings
The CEO of the Group, Itai Pazner, stated that they recognized their obligations to ensuring gambling is safer and regret that the past implementation of their processes was successful in meeting the needed standards in the UK. He added that they completely accept the findings obtained by the UKGC during its investigation of some of the past policies and procedures of 888. Furthermore, Itai mentioned that they had taken swift action to enhance and deal with the shortcomings.
He also stated that they had made a major investment in safer gambling over the years, including doubling the compliance team members since 2019. What’s more, he noted that they would not stop working closely with the UKGC and other stakeholders to make certain of constant improvement in the industry.
In conclusion, he said they would keep making safer gambling a priority by channelling more resources to technology as a force for good, offering transparency to customers about their activities, and utilizing complex AI to point out and block harmful play. He added that they know that their work in this aspect must be continuous, and they remain devoted to investing resources to meet their safer gambling goals.
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