A recent investigation into TGP Europe has uncovered significant anti-money laundering and social responsibility failures across its white-label brands. The operator, responsible for 19 active websites, including 12bet.uk, 8xbet.co.uk, and stake.uk.com, was found to have breached several license conditions pertaining to the prevention of money laundering and terrorist financing.
Anti-Money Laundering Failures:
The investigation revealed that TGP Europe had failed to implement adequate risk assessments to combat fraudulent activities. Instances of stolen identification documents being used for false customer verification and suspiciously large transactions were not adequately addressed. Moreover, the operator’s existing policies established through white-label agreements were deemed ineffective, as they did not fully consider the money laundering risks associated with these relationships.
Social Responsibility Failures:
TGP Europe exhibited repeated failures in exercising social responsibility towards its customers. Safer gambling alerts were triggered multiple times, indicating potential issues with customers’ gambling behavior. However, the operator allowed these customers to continue wagering without appropriate intervention. Additionally, instead of providing trained support advisors, TGP Europe relied on automated interactions in response to safer gaming alerts, which limited the effectiveness of their interventions. The operator neglected to assess the efficacy of these measures or determine the need for further steps to protect customers.
Penalties and License Conditions:
In response to TGP Europe’s failures, the Gambling Commission imposed a penalty of £316,250. Additionally, the operator will be subject to further license conditions to ensure enhanced due diligence checks are conducted. These measures aim to rectify the shortcomings identified during the investigation and strengthen TGP Europe’s commitment to anti-money laundering and social responsibility.
The investigation into TGP Europe’s white-label brands uncovered significant anti-money laundering and social responsibility failures. The operator’s lack of adequate risk assessments, ineffective policies, and failure to address customer gambling behavior issues demonstrated serious shortcomings. The penalties and additional license conditions imposed by the Gambling Commission reflect the need for TGP Europe to improve its due diligence practices and prioritize customer protection. By addressing these deficiencies, TGP Europe can restore trust and ensure a safer gambling environment for its customers.