Kindred subsidiary Trannel International Limited is going to have to pay a €222,736 ($244,085) fine in Malta. An investigation has uncovered that the company violated regulatory requirements dictated by the Financial Intelligence Analysis Unit (FIAU) regarding its risk assessment procedures.
Trannel prioritized transaction risk above customer and regional risk
The FIAU announced the news this week, judging that Trannel failed to carry out appropriate risk analysis on customers who deposited €2,000+ ($2,189). According to the regulatory agency, the company didn’t link multiple customer accounts so it couldn’t properly judge how much a user had deposited. The body also claimed that Trannel prioritized transaction risk above customer and regional risk.
Trannel had improperly assessed 40% of the player profiles that were analyzed by the FIAU. This included one who made deposits totaling €3.5m ($3.8m) over 18 months.
In response, the Kindred subsidiary said that it had introduced new procedures to correct the shortcomings.
Based in Malta, Trannel runs websites providing online casino gaming, poker, bingo, and sports betting. It is regulated by the Malta Gaming Authority.