The fines from the UK Gambling Commission (UKGC) keep on coming, as this time around it’s the turn of TGP Europe to get a fine worth £316,250 for anti-money laundering (AML) and social responsibility failures.
TGP Europe is a white-label gambling solutions provider based in the Isle of Man. It runs a total of 19 online casino and betting websites, including the UK sites of several crypto casinos such as Stake.uk. It is important to note that while crypto gambling remains illegal in the UK, the white-label deal allows these businesses to legally advertise and even sponsor sports teams.
Failures Specific to White Label Operations?
As mentioned earlier, TGP Europe is being fined for AML and social responsibility failures. The UKGC points out that a number of AML failures are specific to white-label operators, as the company did not adequately consider and mitigate the money laundering risks brought about by its business-to-business relationships.
The UKGC says, TGP Europe should have effective policies and procedures in place for due diligence before entering certain white-label agreements. In addition, it also allowed customers to gamble after hitting multiple safer gambling alerts, which were handled using automated, not human, agents.
TGP Europe also received additional license conditions to ensure it conducts all due diligence checks.
The UKGC has been busy with the fines lately. The last week of March saw it hand a £7.1 million fine to 32Red and Platinum Gaming, a pair of brands owned by Kindred Group, before it issued a record fine of £19.2 million to William Hill.