Failures in KYC and AML at gaming company 888 result in the resignation of CEO Itai Pazner
THE CEO of 888 Holdings is stepping down due to AML and KYC failures at the UK firm.
The large British bookmaker said on Monday that Chief Executive Officer Itai Pazner will resign immediately.
It has announced a halt to VIP activities in the Middle East awaiting an internal probe.
Certain standards regarding KYC (Know Your Client) and AML (Anti-Money Laundering) processes for 888 VIP customers in the Middle East area were not followed, according to the business.
If the suspensions continue in place, 888 estimates that the impact will be less than 3% of its group revenue.
Earlier this month, the company announced that Chief Financial Officer Yariv Dafna would step down after the release of its full-year results in late March.
Non-Executive Chair Jonathan Mendelsohn will serve as interim executive chair while the board seeks for a new CEO.
Pazner had been in charge of integrating the firm's operations with William Hill's European operations, which it purchased for about £1.9 billion last year.
He has worked for the company for over two decades.
Earlier this month, chief financial officer Yariv Dafna "mutually agreed" to resign down with the company due to unfavourable revenue figures.
By fLEXI tEAM