TGP Europe Limited, the Isle of Man-based gambling company that operates a white-label network of 19 websites, involving sportsbook brands Fun88, 12Bet, BK8 and Kaiyun, must pay a fine of £316.250 to the UK Gambling Commission (UKGC) and will get an official warning along with conditions added to its license, for breaching anti-money laundering laws and a lack of social responsibility.
After a thorough investigation, the UK Gambling Commission found that in terms of failure to fight money laundering, the business is responsible for:
- Not having a money laundering and terrorist financing risk assessment which adequately addressed risks, such as customers providing false or stolen identification documentation and risks linked to complex or unusually large transactions;
- Not adequately considering and mitigating the money laundering risks posed by their business-to-business relationships;
- Having ineffective policies and procedures in relation to due diligence undertaken prior to white label agreements.
However, that’s not all, because there are also failures of social responsibility such as:
- 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;
- Not assessing the effectiveness of these interactions or whether additional steps were required such as a telephone interaction.
Extra license conditions:
As for the extra license conditions added by the regulator to the company’s license, they require TGP to take the necessary actions to carry out detailed due diligence checks in the future.
Furthermore, any operator that has entered into or wishes to enter into a white-label partnership has AML (anti-money laundering) and CFT (counter-terrorist financing) obligations along with being socially responsible.
In this regard, the UKGC finished its statement with the warning: “This case serves as a reminder to gambling operators of the importance of maintaining robust AML and social responsibility protocols to prevent potential breaches and protect their customers.”
Headquartered in Douglas, Isle of Man, TGP Europe Limited offers many services, just one of which is:
- casino – many casino games are available from top game suppliers, involving slots and video poker by P.G. Soft and a variety of offerings from Pragmatic Play involving table games such as roulette, blackjack, slots and Live Casino;
It was founded and officially launched in 2008.