Gambling Commission fines FSB

The British regulator identified failings related to AML and customer interactions.

UK.- The Gambling Commission has issued a financial penalty of £29,237 against FSB for breaches of licence conditions, including shortcomings related to money laundering prevention and fair and transparent practices. It also failed to comply with the Social Responsibility Code Provision (SRCP) regarding customer interactions.

This fine is relatively mild, and FSB stopped offering business-to-consumer (B2C) services in 2022. The company cooperated with the investigation and accepted the findings. It said it was committed to maintaining compliance standards and noted a successful assessment in December 2023.

Gambling Commission priorities

The Gambling Commission has published its corporate strategy for the next four years. It plans to make “targeted investment” in key areas.

The regulator highlighted two areas of focus for 2024 to 2027: the delivery of gambling white paper measures for lasting changes to gambling provision and investment in key areas to ensure efficiency in regulation. The first category includes the contentious area of affordability checks as well as online casino stake limits.

The regulator has announced a timeline for the introduction of ‘light touch’ affordability checks and financial risk assessments. Meanwhile, new rules for online gambling will come into force in January.