FSB Group Fined for Anti-Money Laundering Failures by UK Gambling Commission
UK Gambling Commission (UKGC) has imposed a fine on FSB Technology (UK) Ltd. The fine amounts to £29,237, reflecting serious lapses in the company’s anti-money laundering (AML) practices.
Background on FSB’s Operations
FSB, previously known for its wide-ranging offerings in sportsbook, casino, and gaming platforms, transitioned out of direct consumer services in 2022. Today, the company focuses solely on providing betting platforms to other businesses.
FSB holds licenses across Europe, North America, and Africa, allowing it to operate extensively in these regions.
Details of the Regulatory Breach
The UKGC’s investigation unveiled that FSB’s anti-money laundering policies were not up to the mark. The specific failings involved opaque practices that were not readily accessible or clear to regulators, posing a significant compliance hazard.
Additionally, FSB breached several aspects of the Social Responsibility Code, a set of guidelines that operators must follow to ensure they are conducting business in a socially responsible manner.
Company’s Response and Cooperation
Despite the setbacks, FSB has shown a cooperative spirit throughout the investigation process.
The company not only accepted the outcomes of the investigation but has also taken measurable steps towards rectifying the identified shortcomings.
