TPG Europe agrees settlement with Gambling Commission5th April 2023 9:09 am GMT
TPG Europe, operator of brands including 12bet and Stake, has agreed a £316,250 settlement with the Gambling Commission of Great Britain.
The financial penalty relates to TPG Europe’s anti-money laundering (AML) and social responsibility policies and procedures and is accompanied by an official warning and additional conditions attached to the company’s operating licence.
The additional licence conditions set out action that the licensee must take to ensure thorough due diligence checks are conducted.
This follows an investigation by the Gambling Commission which found that the operator did not have 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.
Social responsibility failures included allowing customers to continue to gamble after hitting multiple safer gambling alerts without intervention; relying on automated, as opposed to human, interactions when customers hit safer gambling alerts; and not assessing the effectiveness of these interactions or whether additional steps were required such as a telephone interaction.
The Commission noted that TPG Europe was cooperative throughout the investigation and took corrective steps to address the identified failings.