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.
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.