Trannel International Limited Faces €223,000 Fine from FIAU for Regulatory Breaches in Gaming Operations

A remote gaming operator, Trannel International Limited, has been fined nearly €223,000 by the Financial Intelligence Analysis Unit (FIAU) for several regulatory breaches. The FIAU found that despite the company having a policy for customer risk assessments, a significant number of customers reaching the €2,000 deposit threshold were not assigned a risk rating, breaching its obligations and hindering the application of proper customer due diligence. The company took immediate corrective action after the FIAU’s off-site compliance examination in October 2020.

The examination revealed inappropriate risk ratings for 40% of player profiles, failure to retain open-source intelligence for 70% of profiles, and non-compliance with obligations related to collecting information about the purpose and nature of the business relationship, including income and source of wealth details. The FIAU also noted concerns about insufficient information on source of wealth, failure to perform enhanced due diligence for 30% of profiles, and inadequate due diligence for another 30%.

Regarding transaction monitoring, the FIAU found that the company failed to scrutinize transactions appropriately for 80% of player profiles. Examples included a player depositing €300,000 in three months with losses exceeding €200,000, another player depositing €3.5 million using multiple payment methods, and a third player from Vietnam depositing over €350,000 in three months with losses of approximately €150,000, even receiving funds from third-party wallets.

Considering these findings, the FIAU imposed an administrative penalty of €222,736, subject to appeal.