UKGC revokes licence of Park Lane Casino operator
Silverbond Enterprises Limited failed to provide regulator with adequate source of funds details after change in ownership
The UK Gambling Commission (UKGC) has revoked the licence of Silverbond Enterprises, the operator behind the prestigious Park Lane Casino in London.
The revocation comes after a change in corporate control at the company was deemed unsatisfactory by the regulator.
In this case, the UKGC said it would have denied the business a UK licence if the new corporate controller had been present at the time of its initial licence application.
The UKGC ruled Silverbond had failed to provide “full and proper” source of funds evidence on monies used to acquire and support the business at the time of the change of corporate control, or to whom the operator’s future profits would be paid.
In addition, the UKGC confirmed suitability concerns in respect of the new corporate controller because of an “unsatisfactory history” in providing the regulator with information as part of its regular enquiries in the past.
Park Lane Casino is owned by Latvian businessman Vasilijs Melniks, who has previously been investigated by authorities in Ukraine for alleged money-laundering offences relating to a €54m deal with Ukrainian state-owned energy company Naftogaz.
Subject to appeal, the revocation takes effect on 18 November 2020.
“We regulate gambling in the public interest and to maintain public confidence in the industry,” said UKGC executive director Helen Venn. “In doing this we must be provided with information about those who run or have significant interest in gambling businesses.”
Silverbond Enterprises Limited has history with the UKGC having been fined £1.8m in January 2019 for anti-money laundering and social responsibility breaches.
The historic investigation found Silverbond had breached specific conditions of its licence in relation to ensuring complete full Enhanced Due Diligence (EDD) on its top 250 customers within its customer profiling system.
In addition to its fine, the operator received a formal warning and additional conditions were added to its now revoked UK operating licence.