FSB Technology (UK) Limited
London, W1W 7PA, United Kingdom
What is a settlement?
Following an investigation into a licence holder we may enter into a regulatory settlement. These take place, for example, where the licence holder has been open and transparent with us and has shown a willingness to suggest actions that prevent the need for a more formal sanction.
Decision date: 6 May 2020
Outcomes: Payment in lieu of financial penalty, Commission costs and Public statement
Details of action
The Commission commenced a section 116 regulatory review of FSB Technology Limited (FSB). The review found failings within FSB’s processes which were aimed at preventing money laundering and protecting vulnerable people. Anti-money laundering and social responsibility requirements are expected to be in place to keep crime out of gambling and to protect the vulnerable.
As a result, FSB agreed a regulatory settlement with the Commission, consisting of:
- £600,000 payment in lieu of financial penalty,
- new operating licence conditions attached to FSB’s operating licence,
- agreement to the publication of a statement of facts in relation to this case (this statement can be found here), and
- payment of £34,300 towards the Commission’s costs of investigating the case.
Agreement to the publication of a statement of facts in relation to this case - with the news story/ public statement being linked off the "a statement of facts".