The Gambling Commission has handed Casumo a financial penalty of £6m ($8.23m) following a 2019 review.
Casumo has been assessed to have failed in a series of social responsibility and financial procedures. The operator says it has acknowledged the decision and “accepts its shortcomings in fulling implementing and executing necessary measures”.
The breaches were highlighted in an audit which was conducted between October 2019 and January 2020. The audit analysed the rapid growth Casumo had experienced when starting up.
The Gambling Commission found the operator was failing in interacting with problem gamblers, not checking sources of funds efficiently and providing inadequate checks of documentation.
The Gambling firm hired a new CEO to help mitigate these issues, as Shelly Suter-Hadad was brought due to her experience in building compliance-led gaming groups and operation control.
Suter-Hadad said: “Since joining Casumo last year, my focus has been on putting in place a new senior leadership team and Personal Management Licence holders with extremely strong industry experience, and the knowledge and expertise to ensure we are a compliance-led business.
“In addition, recognising that key processes fell short in the past, I took immediate action to implement fundamental operational changes, so that Casumo is now a gaming group with compliance and responsible gambling at the heart of its business and culture.”
The Commission has observed there has been an improvement in policies and processes with the hiring of Suter-Hadad.
Although a penalty has been handed out, Casumo will retain its gambling licence and has been allowed to continue offering its services to UK customers.
As part of the licence, Casumo has been instructed to hire independent auditors.