Further Investigations
The United Kingdom Gambling Commission (UKGC) has issued a £170,000 fine to Taichi Tech Limited, which operates in the UK with the brand Fafbet. The fine was due to the company failing the fair and open licensing condition.
An investigation by the UKGC revealed that the company had failed to comply with its fairness conditions, with some bonus conditions being highlighted as a key reason for the failure.
The Commission will now use third parties to ensure that the company is also complying with the correct anti-money laundering and safer gambling control rules and regulations. If the company is deemed to have failed to meet this criterion, then it may face further punishments.
The bonus terms and conditions in question stated that “Fafabet have the right at its own discretion to close accounts or forfeit winnings.” The UKGC concluded that this is unfair under the Customer Rights Act 2015.
Terms Must Be Fair
The UKGC has strict policies in place regarding fairness and transparency in its terms and conditions. John Pierce, the Director of Enforcement and Intelligence at the Commission, said in a statement, “Licensed operators must ensure their terms are clear, fair, and transparent, so customers fully understand what to expect.
The investigation also raised further questions about the site's failure to adhere to the correct anti-money laundering and social responsibility frameworks. Specifically, the investigation highlighted that the operator may have been missing potential harm markers among players and failing to complete the Know Your Customer (KYC) protocols.
Taichi Tech Limited has accepted all of the failings and has stated it will comply with any support the UKGC needs in its investigation. It has accepted the regulatory outcome and has remained compliant throughout the investigation.
