The company has announced that its non-executive chairman, Lord Mendelsohn, will take over as Executive Chairman on an interim basis until they can find a replacement CEO. Regarding Pazner’s departure, Mendelsohn said: “On behalf of the Board, I would like to thank Itai for his significant contributions to the business over more than 20 years, including the last four as CEO.
“Itai Pazner played a vital role in building a business with powerful proprietary technology and oversaw the successful early stages of the William Hill integration process. We wish him the best of luck in his future endeavors.”
While the reason for Pazner’s departure was not specified, the news comes on the same day that the company has suspended its VIP operations in the Middle East due to KYC and AML concerns.
After an internal compliance review, the entity highlighted that it was clear that some of its units in the Middle East region failed in compliance measures related to KYC (Know Your Customer) and AML (Anti-Money Laundering, against money laundering).
888 says that this internal review uncovered a failure to follow best practices in the region.
According to the statement: “While further internal investigations are ongoing, the Board has decided to suspend VIP customer accounts in the region, with immediate effect.”
While a link between Pazner’s departure and the suspension of 888’s VIP markets has yet to be established – if any, the fact of the CEO’s departure suggests that compliance issues in the Middle East may have had a role to play.
If that were the case, it could mean that 888’s AML and KYC issues in the regions are quite extensive and potentially harmful to the company.
About 888 Holdings
888 Holdings plc is one of the world’s leading online gambling and gaming companies. Remembering that 888 is listed on the London Stock Exchange. The group’s mission is to develop state-of-the-art technology and products that provide fun, fair and safe digital gaming products to players around the world.