The UK Gambling Commission has fined gambling operator TGP Europe for a total of £316,250 ($394,079) as part of a regulatory settlement after investigations discovered social responsibility and anti-money laundering failures. The operator, which runs 19 websites, including 12bet.uk, 8xbet.co.uk and stake.uk.com, will also receive an official warning and have conditions added to its license.
TGP Europe Limited has been fined £316,250 for social responsibility and anti-money laundering failures.
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— Gambling Commission (@GamRegGB) April 5, 2023
Social responsibility failures included allowing customers to continue to gamble after hitting multiple safer gambling alerts without intervention; relying on automated, as opposed to human, interactions when customers hit safer gambling alerts; and not assessing the effectiveness of these interactions or whether additional steps were required such as a telephone interaction.
As for anti-money laundering failures, these included not having a money laundering and terrorist financing risk assessment that adequately addressed risks, such as customers providing false or stolen identification documentation and risks linked to complex or unusually large transactions.
The company also failed to adequately consider and mitigate the money laundering risks posed by its business-to-business relationships, as well as having ineffective policies and procedures in relation to due diligence undertaken prior to white-label agreements.
Additional license conditions setting out action the licensee must take to ensure thorough due diligence checks are conducted have been added to the operator’s license. The Gambling Commission noted that TGP Europe was cooperative throughout the investigation and did take corrective measures against the failings.
William Hill Group will pay a total of £19.2m for social responsibility and anti-money laundering failures.
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— Gambling Commission (@GamRegGB) March 28, 2023
Last month, the regulator mandated betting giant William Hill Group to pay a record £19.2 million ($23.7 million) for “widespread and alarming” social responsibility and anti-money laundering failures. The 88-year-old bookmaking brand, owned by 888 Group, was responsible for a string of transgressions, including allowing customers to lose thousands of pounds within minutes of opening an account.
Original article: https://www.yogonet.com/international/news/2023/04/05/66730-gambling-operator-tgp-europe-to-pay-394k-after-ukgc-uncovers-aml-social-responsibility-failures
