As the year draws to a close, the UK Gambling Commission (UKGC) has handed out another regulatory penalty, targeting Aspire Global.
The £237,600 charge has been issued to AG Communications, which trades as Aspire Global, along with an official warning and additional licence conditions, for failing to operate to the Commission’s anti-money laundering standards.
In the regulator’s assessment, Aspire Global was unable to demonstrate that it had carried out due diligence checks on six third-party businesses it had signed white-label partnerships with.
In an update on AML and terrorist financing standards earlier this year, the Commission noted that: “Operators should also give due consideration to the money laundering risks posed by their business-to-business relationships, including any third parties they contract with.”
