This week the UK Gambling Commission announced that it has fined Aspire Global £237,600 for anti-money laundering failings related to white-label operations.
The warning comes with an official warning and is the result of violations of the Gambling Act, specifically paragraphs 1 and 2 of licencing condition 12.1.1, which specifies rules for preventing money laundering and terrorist financing.
Aspire was not able to show the Commission that it had carried out the required due diligence for six companies that it had white-label agreements with. Nothing nefarious about the white-label operators is alleged in the findings, rather Aspire is only found to have not conducted the required checks.
The UKGC has been cracking down on white-label operators, having fined two of them £674,000 for anti-money laundering violations in their own right earlier this year.