Regulatory Settlement Agreement with GFSC
Tap Global Group PLC has entered into a Regulatory Settlement Agreement with the Gibraltar Financial Services Commission (GFSC) following a proactive disclosure in December 2024 regarding discrepancies in its Anti-Money Laundering (AML) procedures. The firm identified inaccuracies in the number of suspicious activity reports (SARs) within the 2023 Money Laundering Reporting Officer Report, indicating a failure to follow internal reporting procedures between April 2023 and June 2024, contravening the Proceeds of Crime Act 2015. As a result, Tap Global has agreed to pay a financial penalty of £150,000. This penalty reflects a 30% discount from the original £214,285 due to the firm's cooperation and early settlement.
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Tap Global Group plc (AIM: TAP), an innovative digital finance hub that brings money payments and crypto settlement services together in a single user-friendly app, notes the following statement released by the Gibraltar Financial Services Commission:
Public statement on Tap Global Limited
A Regulatory Settlement Agreement has been entered into between the Gibraltar Financial Services Commission (GFSC) and Tap Global Limited (the Firm), a Gibraltar distributed ledger technology company.
In December 2024, the Firm made a proactive disclosure to the GFSC by providing the results of an internal review of its Anti-Money Laundering, Counter-Financing of Terrorism and Counter Proliferation Financing (AML/CFT) policies and procedures. During this review, the Firm identified a discrepancy relating to suspicious activity reports (SARS) within the annual Money Laundering Reporting Officer Report for the year 2023. The Firm identified that the number of SARs reported was inaccurate which led to the Firm failing to follow its own internal reporting procedures.
The Firm accepts that during the period of April 2023 to June 2024 it did not follow internal reporting procedures relating to suspicious activity reporting. This has resulted in a contravention of the following section of the Proceeds of Crime Act 2015 (POCA):
Section 28(2)(d) - Internal reporting procedures
This Regulatory Settlement Agreement has been reached through a collaborative process, and the Firm has demonstrated a positive approach in dealing with the GFSC, was proactive in reporting its failure and has taken remedial steps. The Firm has also recently appointed a new MLRO and other additions at managerial level.
Regulatory Outcome
The Firm has agreed to pay a financial penalty amounting to £150,000 for the contravention of POCA. This financial penalty would have been £214,285 but is subject to a 30% discount for early settlement and demonstrates the Firm's level of cooperation throughout the investigation.
Tap Group's operating subsidiaries
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