The owner of Matchbook, a firm operated by Xanadu Consultancy was fined £740,000 in connection with money laundering deficiencies. Triplebet, a betting firm based in Guernsey, who owns the Matchbook’s UK license, received the fine after an investigation by the Gambling Commission. The agency said Triplebet failed in its approach to anti-money laundering law, monitoring of business relationships, and the due diligence process. Social responsibility is also one of the shortcomings of the company.
Investigation revealed that the betting company allowed clients to bet with a large sum of money without verifying the source. It also found that a syndicate that has a professional gambler as its lead contributor is one of the beneficiaries of the company. Between November 2016 and now, the syndicate has reached a match bet of $55 million without any risk assessment.
In response, Triplebet stated that it has complied to all recommendations that were given to the company last year. It also added that it is committed to complying with all regulations.