FSB hit with £600k fine from the UKGC

Regulator warns technology providers about third-party partners after fining FSB for advertising, ALM and social responsibility failings.

UK.- The UK Gambling Commission has warned companies about certain regulatory actions that will take place if third-party websites that they are responsible for are not carefully managed.

The warning comes after FSB Technology was penalised and ordered to pay £600,000 for advertising, money laundering and social responsibility failings as well as having to change the way it operates with additional licence conditions.

“All operators should pay close attention to this case as it shows that we hold all licensees fully responsible for third party relationships – and we will act against any of our licensees that do not manage third parties appropriately” Richard Watson, Commission Executive Director, said.

“These were blatant breaches of rules we have put in place to ensure gambling is fair, safe and crime-free,” he added.

In addition to paying £600,000, FSB will also have additional conditions on its licence to ensure it conducts risk-based due diligence on new and current third-party partners it runs websites on behalf of.

The Commission is still reviewing the actions of personal management licence holders involved in this case.