Goldchip ‘must keep customers fully informed’ following UKGC suspension

By | May 18, 2022

The operating licence of Goldchip Limited has been suspended by the UK Gambling Commission (UKGC), as a review under section 116 of the Gambling Act 2005 is carried out.

The announcement follows reports that activities may have been carried out contrary to the Act, not in accordance with conditions of its licence and that the firm may be ‘unsuitable to carry on the licensed activities’. 

Furthermore, the regulator highlighted that suspected social responsibility and anti-money laundering failings were also key considerations in the decision.

In a statement, the Commission wrote: “We have made it clear to the operator that during the course of the suspension, we expect it to focus on treating consumers fairly and keeping them fully informed of any developments which impact them.”

However, although a suspension is in place, the operator can still allow consumers to access their accounts and withdraw funds. 

This week, UKGC has also acted upon two further online gambling businesses due to social responsibility and AML shortcomings, with a combined penalty of £657,000. Progress Play was charged £175,718 and Jumpman Gaming had to pay £500,000. 

The cash from both penalties directed towards the National Strategy to Reduce Gambling Harms, whilst the Commission’s investigation found ‘repeated breaches of licence conditions’ by Progress due to the absence of internal controls and procedures, which the licensee ‘should have been aware of’.

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