UKGC goes after FSB Technology in latest enforcement action

The UK Gambling Commission (UKGC) has reached a settlement agreement with FSB Technology, citing various licensing breaches of nominal impact on the business and customers. The settlement between FSB and the UKGC was reached earlier this month.

As a result of these offenses, the UKGC has issued a £29,237 penalty to the company, citing the specific shortcomings, including a breach of condition 12.2.1 which specifically has to do with anti-money laundering and terrorist financing safeguards.

Another issue the regulator took with the company was a breach of condition 7.1.1 which guarantees fair and transparent practices as part of the regulatory Social Responsibility Code Provision. Yet, the cumulative offenses did not merit stricter action on the part of the regulator other than the aforementioned settlement.

FSB has accepted the settlement agreed upon with the regulator and argued that it accepted the verdict. The company released an official statement in which it said:

"FSB remains committed to excellent compliance standards and this was demonstrated in the successful verdict achieved in our most recent assessment by the regulator in December 2023. We look forward to continuing to work collaboratively with the Gambling Commission."

The UKGC also noted that FSB Technology and its representatives have collaborated fully with the investigation, facilitating the process, and making it possible to quickly investigate the suspected breaches. This comes two years after FSB Technology stopped offering B2C products and re-focused its efforts fully on the B2B vertical and segment.

Presently, FSB Technology works with a number of companies, providing them with cutting-edge software, among which are Fitzdares and QuinnBet. Both companies are also certified operators from the UKGC and licensed to offer their products in the country.

FBS Technology also appointed Craig Artley as its new Chief Financial Officer earlier this year, as the company remains committed to building its workforce and continues to dominate the B2B vertical.

Image credit: Unsplash.com