Glitnor Services Limited has to pay a €236,789 ($259,250) penalty to the Financial Intelligence Analysis Unit (FIAU) in Malta for serious player protection failings. These violations included not conducting the relevant risk assessments and not checking the source of income for a number of big spenders.
proceeded to lose €12,040 ($13,182) over the course of 13 months
The FIAU cited specific examples of the failings. In one case, a player was able to deposit €61,942 ($67,817) and proceeded to lose €12,040 ($13,182) over the course of 13 months without Glitnor checking their source of funds.
Money laundering is a real concern for regulators, which is why strict rules are in place to ensure that operators check the origin of user funds. Another major issue at Glitnor was that it in 80% of cases, it did not check if a player was a politically exposed person, a key regulatory requirement.