Genesis Global to appeal “inconsistent” UKGC suspension
Malta-headquartered operator commits to improving compliance systems after “inconsistent” ruling
Genesis Global Limited has confirmed it will launch a “vigorous appeal” against the UK Gambling Commission’s (UKGC) decision to suspend its UK licence.
The Malta-headquartered operator had its licence withdrawn on Tuesday after UKGC investigators found “a number of compliance issues” in its business practices, as the regulator ordered the closure of 12 of its sites to UK players pending a full review.
As part of the suspension, the UKGC encouraged UK customers to withdraw all funds from these sites.
In a statement on the suspension, 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.”
The firm has also highlighted the security and accessibility of its systems to any customers seeking to withdraw funds following the suspension.
Genesis defended its existing compliance standards but has said it will “continuously improve” systems, policies and procedures in place.
Genesis Global has confirmed it was the subject of a “routine compliance assessment” by the UKGC in early July, indicating that it had successfully passed these assessments before without incident.
Following this assessment, the firm voluntarily provided the UKGC with an action plan to rectify the identified errors following the assessment, in the period prior to the suspension and commencement of the formal review process.
Genesis Global said it had expressed an “extreme level” of disappointment with the suspension decision, but was committed to complying with UKGC regulations.
In a statement provided to EGR, Genesis Global legal counsel Gianfranco Pennetta said the firm had taken independent legal advice on the suspension.
Pennetta confirmed the operator was “of the opinion that the decision to suspend their operating licence is not only disproportionate but also inconsistent with UKGC’s previous regulatory enforcement action in regard to other operators”.
“As a result, Genesis has confirmed that they will therefore be vigorously appealing against the decision to suspend using all channels open to it,” he added.