TGP Europe is fined by the Gambling Commission for AML and social responsibility failures

The UK Gambling Commission imposed a £316,250 fine against gambling operator TGP Europe Limited for anti-money laundering (AML) and social responsibility violations.

TGP operates 19 websites, including betvision.com and stake.uk.com, according to the company. The company will be issued an official warning and new licence requirements will be imposed.

The study discovered the following shortcomings in social responsibility:

• ignoring consumers who have reached numerous safer gambling thresholds

• When customers receive safer gambling alerts, automated interactions are used instead of human interaction.

• Failure to determine whether additional steps were required after automated interactions

Among the anti-money laundering flaws discovered are:

• Failure to recognise the risk of AML and terrorist financing

• Failure to take into account the money laundering concerns provided by business-to-business partnerships

• Having poor rules and procedures in place for doing due diligence prior to entering into white label partnerships.

TGP's licence now includes additional licence conditions. These include a requirement that TGP execute extensive due diligence reviews on all white label agreements.

Since the beginning of 2022, the Commission has resolved 27 enforcement cases, with operators paying a total of £76.3 million as a result of regulatory violations.

This increases the total sanctions for 2023 to more than £42.3 million (€48.2 million), with the UKGC's fines accounting for £34.1 million (€38.8 million).

According to the website GamblingIndustryFines.com, gambling industry fines in 2022 totaled €251,712,034 / $269,532,490, a 443.9% increase over the amount in 2021 of €44,753,969 / $48,642,992.

By fLEXI tEAM