UKGC Issues a Fine of £780,000 to Buzz Bingo Operator
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Buzz Bingo’s online platform operator has received a £780,000 ($1.04m) fine from the UKGC due to numerous failings.
Buzz Group has been fined $1.04 million by UK Gambling Commission. The fine relates to Buzz Bingo's anti-money laundering and social responsibility failings. Buzz Group received a formal warning from the gambling regulator. The company has overhauled all of its compliance measures.
Buzz Group has been accused of numerous social responsibility and AML failures. UKGC found that Buzz Group set financial triggers too high and its systems of identifying at-risk gamblers insufficient. Buzz Bingo has since taken corrective steps to address the various failings. Caledonia Investments owned Buzz Bingo when the failures took place. Intermediate Capital Group acquired a majority stake in Buzz in March 2021 for an undisclosed sum.
UKGC issues a fine of £780,000 to Buzz Bingo Operator for insufficient AML procedures. UKGC also found that Buzz Group did not keep proper records of its AMl customer interactions.
