Aspire gets fined by the Gambling Commission for white-label AML violations

Aspire Global has been fined £237,600 (€274,829/$285,167) by the Great Britain Gambling Commission for failing to comply with anti-money laundering regulations

In addition to the punishment, Aspire Global will receive an official warning from the Commission pursuant to section 117(1)(a) of the Act and have licence conditions imposed pursuant to section 117(1). (b).

An inquiry indicated that Aspire violated paragraphs 1 and 2 of licence requirement 12.1.1, which defines money laundering and terrorism financing prevention procedures.

Aspire Global shall be punished in accordance with subsection 121(1) of the Gambling Act of 2005.

White-label Aspire Global failures

The Commission stated that Aspire could not demonstrate that it had conducted due diligence checks on the six third-party companies with which it had white-label partnerships.

The definition of a white-label partnership is when licenced operators conduct a gambling business utilising the branding of another company.

In Great Britain, Aspire Global white-label brands include Karamba, Betiton, and Campiton.

The Gambling Commission ordered two white-label suppliers to pay a total of £675,000 in settlements for anti-money laundering and social responsibility violations in May.

By fLEXI tEAM