Lindar Media, the operator behind MrQ, is set to pay a regulatory settlement of £690,947 ($854,664) following a thorough regulatory review by the Gambling Commission. The review, initiated after a compliance assessment in September 2022, uncovered shortcomings in MrQ’s anti-money laundering (AML) measures and responsible gambling policies, leading to this substantial settlement.
Failings in AML and Responsible Gambling Measures:
The regulatory review identified various areas where MrQ had not adequately implemented AML policies, procedures, and controls. Additionally, weaknesses were found in their responsible gambling policies, procedures, controls, and practices. Notably, the review pointed out deficiencies in reporting key events, inadequate marketing product promotion practices, and the failure to contribute annually to an organization supporting research, prevention, and treatment for individuals harmed by gambling.
Lack of Controls on Deposits and Losses:
One concerning discovery during the review was that some MrQ customers were allowed to deposit and lose significant sums, exceeding £10,000, without intervention or controls in place to address the issue until the funds had been lost.
Components of the Regulatory Settlement:
The regulatory settlement reached with Lindar Media consists of a payment of £690,947, which includes a divestment of £50,947. Importantly, all these funds will be allocated to socially responsible causes.
Proactive Remedial Actions by Lindar Media:
Lindar Media took immediate action to rectify the identified breaches and had even initiated some changes before the compliance assessment. The company also provided full and early disclosure of relevant information, admitted to its shortcomings promptly, and proposed a regulatory settlement at the earliest opportunity. Throughout its interactions with the Gambling Commission, Lindar Media demonstrated a high level of cooperation.
CEO’s Perspective:
Savvas Fellas, CEO of Lindar Media, highlighted the company’s commitment to improving its operations, particularly through enhancing its senior leadership team and implementing scalable processes. These efforts aim to ensure consistency and compliance while delivering responsible and transparent entertainment to players.
The regulatory settlement underscores the importance of robust AML and responsible gambling measures in the gaming industry. Lindar Media’s willingness to address the identified issues and its commitment to enhancing its operations reflect a dedication to providing a safe and responsible gaming environment for its customers.