UKGC revokes Park Lane Casino owner’s license one year after large fine

By Ucatchers

The UK Gambling Commission has revoked the operating license of Silverbond Enterprises Ltd., which operates the Park Lane Casino in the Mayfair district of London, citing breach of certain licensing conditions.

The regulator further explained that its decision was made after a change in corporate control in the casino operator and after the Gaming Commission established that it would not have granted the operating license to Silverbond “if the new controller had been the controller of the company when the application for the operating license was made. “

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The UK gambling watchdog said that after a hearing before a Regulatory Panel, it has decided to revoke Silverbond’s license under Section 102 (4) (b) of the UK Gaming Act 2005. According to that section, the Gaming Commission can revoke an operating license if you are not satisfied with having granted that license to the licensee if his new controller had been the controller at the time of submitting the license application.

The decision was issued on October 21, 2020, and she was particularly concerned that Silverbond had not provided “full and adequate explanations with supporting evidence on time.” Given this, the Commission determined that it was not satisfied with the source of funds which were used for the acquisition of Silverbond and to support the casino operator at the time of the change in corporate control.

The regulator was also not satisfied with who the future profits generated by Silverbond and its operations would be paid to, as it noted in its decision.

The revocation of the license will take effect on November 18

The Gaming Commission said its decision was further based on concerns it identified about the suitability of the new Silverbond controller who had a “Unsatisfactory record” by providing the information requested by the regulator.

Subject to appeal, Silverbond’s license revocation will be effective on November 18, 2020, the UK Gambling Commission said in a statement posted Wednesday on its official website.

This is not the first time that the UK gambling watchdog has applied the law of rigor to the owner of Park Lane Casino.

Last year, the regulator imposed a fine of £ 1.8 million and a license warning to the casino operator and placed additional conditions on his license. The company was sanctioned for systematic failures of social responsibility and anti money laundering.

His violations included failing to recognize signs of possible gambling behavior problems among your customers. These signs included violent behavior displayed by a customer, a customer requesting that their winnings be transferred to their personal bank account to prevent further gambling, and a customer requesting to increase the maximum amount they could deposit by check.

Silverbond’s money laundering violations included the operator failing to conduct enhanced due diligence on 61 casino customers, among other things.

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