Major soccer clubs warned by UK Gambling Commission as TGP Europe exits country

TGP Europe, the company behind several websites like Stake.com in the UK, gave up its license after being told it would have to pay a £3.3 million ($4.4 million) fine and make major improvements if it wanted to keep operating in Great Britain.

According to the UK’s Gambling Commission, the penalty was due to TGP not doing enough background checks on its business partners and breaking anti-money laundering rules.

TGP ran what’s known as a white label business, which means it operated gambling sites on behalf of other brands, using their names and logos.

The commission’s investigation found that TGP Europe fell short in several key areas. It said that the company didn’t do proper due diligence on the people and entities involved in the ownership of third-party businesses, nor did it dig deep enough into where the money behind these business arrangements was coming from.

It also accused the firm of not taking money laundering risks seriously enough or considering whether third parties were involved in any illegal activities, either in the UK or elsewhere. There were also clear breaches of anti-money laundering rules, like not following its own policies for enhanced due diligence.

For example, the commission said that the TGP failed to properly check and assess information it received from third parties.