Genesis Global Limited has this morning confirmed that it will appeal the UKGC’s ‘interim suspension’ of its licence, sanctioned this week as part of an ongoing investigation by the regulator into ‘undisclosed compliance failures’.
Enforcing Section 116 of the 2005 Gambling Act, the UKGC launched an immediate investigation of Genesis’ online casino operations, stating that the operator was ‘unsuitable to carry out licensed activities’.
Placed under investigation, Genesis has been forced to temporarily withdraw all UK transactions across its portfolio of 11 online casinos and was forced to further inform customers of the Commission’s interim suspension.
This morning Genesis management issued a statement declaring that it had taken ‘legal advice’ to ‘vigorously appeal’ the UKGC’s actions, stating that the Commission’s penalty was disproportionate and inconsistent with the previous regulatory enforcements.
The operator stated that it has been subject to multiple UKGC compliance assessments, ‘without any adverse material findings’.
“Genesis has expressed their extreme level of disappointed with this determination and outcome and is therefore firmly committed to complying with the UKGC’s extensive range of regulations.” Genesis statement read
The Malta-based company declared that it would continue to stand by its own existing compliance systems, policies and procedures, which are continuously improved.
Genesis maintains that it will fully cooperate with the UKGC, in which management has voluntarily provided an action plan on compliance procedures ‘following the assessment, prior to the suspension and review decision’.
Concluding its statement Genesis Global said: “To all our loyal and trusting stakeholders; in particular our dedicated customers, team, suppliers, and others we assure you that it is business as usual in all other jurisdictions in which the company operates and we appreciate your continued support during these challenging times.”