The UK Gambling Commission has announced that it has fined gambling operator TGP Europe Limited £316,250 for anti-money laundering (AML) and social responsibility failures.
According to the announcement, TGP runs 19 websites including betvision.com and stake.uk.com. The company will receive an official warning and have new conditions added to its license.
Social responsibility failures found in the investigation include:
- Failing to intervene when customers had hit multiple safer gambling thresholds
- Using automated interactions when customers hit safer gambling alerts as opposed to human communications
- Failing to assess whether additional steps were required following automated interactions
Anti-money laundering failures found include:
- Failing to have AML and terrorist financing risk assessment
- Failing to consider money laundering risks posed by business-to-business relationships
- Having ineffective policies and procedures in relation to due diligence undertaken prior to white label agreements
Additional license conditions have been added to TGP’s license. These include a mandate that TGP must ensure thorough due diligence checks are conducted for all white label agreements.
Since the start of 2022 the Commission has concluded 27 enforcement cases with operators paying over £76.3 million because of regulatory failures.
This brings the total fines for 2023 to more than £42.3 million (€48.2 million) while the UKGC’s fines make up £34.1 million (€38.8 million) of that figure.
According to industry fines tracker website GamblingIndustryFines.com, gambling industry fines in 2022 came to €251,712,034 / $269,532,490 – a significant increase of 443.9% compared to 2021’s total of €44,753,969 / $48,642,992.
Ciaran has been working within the Gambling Industry as a deep analyst since 2019. His deep knowledge and understanding of all the gambling regulations, and processes makes him a true asset, and an always valuable point of view for Gambling Industry News, allowing us to cover every topics from a brand new perspective.