TGP Europe Limited has been given a £316,250 fine in connection to anti-money laundering (AML) and social responsibility failings in the UK.
In addition to the penalty issued by the UK Gambling Commission (UKGC), Isle of Man-based TGP will also receive an official warning and some condition changes for its licence.
The British regulator highlighted that the failings include allowing bettors to play despite multiple safer gambling alerts being triggered.
UKGC’s statement outlined that TGP Europe heavily relied on ‘automated interactions’ to resolve cases when such alerts have been activated, and that as a result it has failed to correctly assess these interactions and decide if further steps such as telephone calls are needed.
In terms of the AML failures, the UKGC has found several areas of concern, including insufficient AML and terrorist financing risk assessment measures. Furthermore, some cases allege that TGP did not address stolen ID documentation and lacked appropriate due diligence for ‘unusually large transactions’.
This has all resulted in the UKGC requiring certain conditions to be met by TGP Europe Limited in relation to its future due diligence strategy and the necessary actions needed to strengthen its security.
The UKGC concluded: “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.”