TGP Europe fined in the UK for AML and social responsibility failures
TGP Europe Limited faces penalties and additional conditions to its UK licence over anti-money laundering and social responsibility breaches
TGP Europe Limited, a gambling operator running 19 websites, has been fined £316,250 for its failures in anti-money laundering (AML) and social responsibility. As part of the settlement, the company will receive an official warning and have additional conditions added to its licence.
Among its social responsibility failures, TGP Europe allowed customers to continue gambling after hitting multiple safer gambling alerts without intervention, relied on automated rather than human interactions when customers hit safer gambling alerts, and did not assess the effectiveness of interactions or whether additional steps were needed.
Meanwhile, AML failures included a lack of adequate money laundering and terrorist financing risk assessment, ineffective policies and procedures, and not sufficiently mitigating the risks posed by business-to-business relationships. The company must now take action to ensure thorough due diligence checks are conducted.