The UK gambling regulator suspended betting exchange Matchbook’s license due to “serious failings” in its social responsibility and anti-money laundering (AML) obligations.

On Wednesday, the UK Gambling Commission (UKGC) published details on its February 17th decision to suspend the license of Matchbook’s parent company Triplebet Ltd. The UKGC said the suspension will remain in place “until Triplebet can prove it has implemented the remedial measures” the UKGC requires.

The UKGC said it found deficiencies in Triplebet’s AML policies, including a failure to (a) establish objective circumstances that would trigger a customer’s risk reclassification, (b) set out specifics on when enhanced due diligence measures were required for certain high-risk customers, (c) provide guidelines for when to undertake source of funds/wealth checks, and (d) require adequate recordings of customer interactions.

Triplebet failed to update its AML policy for over three years while claiming that it relied on staff to ensure effective implementation of these policies, despite the company’s failure to provide staff with sufficient guidance on how to implement its policies.