Gambling Comission Revokes a License for Silverbond Enterprises

The United Kingdom Gambling Commission (UKGC) has suspended UK-based company Silverbond Enterprises Ltd. operating permit on Wednesday.

The decision was based upon the transition in the organizational management of the company. The Commission claimed that it is unclear that if the new corporate management of Silverbond Enterprises Ltd. had been in charge when the operating license application was made, the company would have received the license in the first place.

The Gambling Commission Executive Director Helen Venn said that the oversight of gambling is in the public interest and the Commission has to preserve public trust in the industry:

““We regulate gambling in the public interest and to maintain public confidence in the industry. In doing this we must be provided with information about those who run or have significant interest in gambling businesses. We revoked this license because we are not satisfied as to the source of funds used to acquire and support the Licensee at the time of the change of corporate control or to whom future profits of the Licensee would be paid. ” 

The suitability of the current controller is in doubt, as it has an "unsatisfactory history" of supplying required information as part of the UKGC's inquiries.

Silverbond's license was reviewed in 2018 after its owner, Latvian businessman and (shortly) former Finance Minister Vasilijis Melniks, had properties confiscated by Ukrainian authorities after a corruption investigation. Eiroholdings invest, which controls Silverbond, which was wholly owned by Melniks, was among the properties confiscated.

Previously, Silverbond's license was reviewed in 2016 after Park Lane had been found selling VIP gamblers check-cashing services without proper sof reviews. The next year, two Park Lane execs in charge of anti-money laundering procedures were required by UKGC to attend refresher courses on what was expected of them.

The UKGC levied a £1.8m levy on Silverbond in September 2019 for shortcomings in corporate justice and anti-money laundering, including shoddy due diligence tests on two of the largest whales in the casino.

The revocation takes place on 18 November and is open to appeal, the statement states. At present, Silverbond operates Park Lane casino in London.