Latest news with #Fafabet
Yahoo
a day ago
- Business
- Yahoo
Taichi Tech fined £170,000 for unfair terms and conditions
An online gambling firm has been fined £170,000 for regulatory failures including the use of unfair terms and conditions. Taichi Tech Limited, trading as Fafabet, will also have to undergo a third-party audit to ensure it has effective anti-money laundering and safer gambling procedures, the Gambling Commission said. An investigation found that Taichi Tech's terms claimed that it had 'the right at their own discretion to close accounts or forfeit winnings'. The regulator concluded that the firm breached the 'fair and open' licensing condition by including a discretionary term allowing the operator to close customer accounts or forfeit winnings without clear justification. The investigation also found failures relating to anti-money laundering and social responsibility breaches. These included allowing some customers to gamble large sums within a short period of time and providing insufficient interaction despite 'high-velocity' spending over short periods. Gambling Commission director of enforcement and intelligence John Pierce said: 'We expect all operators, regardless of their size or customer base, to comply with consumer protection legislation and ensure their terms and conditions meet regulatory standards. 'Licensed operators must ensure their terms are clear, fair, and transparent, so customers fully understand what to expect.' The firm had acknowledged that it previously fell short of the standards expected by the Commission and had taken steps to address the shortcomings, the commission said. Sign in to access your portfolio
Yahoo
a day ago
- Business
- Yahoo
Taichi Tech fined £170,000 for unfair terms and conditions
An online gambling firm has been fined £170,000 for regulatory failures including the use of unfair terms and conditions. Taichi Tech Limited, trading as Fafabet, will also have to undergo a third-party audit to ensure it has effective anti-money laundering and safer gambling procedures, the Gambling Commission said. An investigation found that Taichi Tech's terms claimed that it had 'the right at their own discretion to close accounts or forfeit winnings'. The regulator concluded that the firm breached the 'fair and open' licensing condition by including a discretionary term allowing the operator to close customer accounts or forfeit winnings without clear justification. The investigation also found failures relating to anti-money laundering and social responsibility breaches. These included allowing some customers to gamble large sums within a short period of time and providing insufficient interaction despite 'high-velocity' spending over short periods. Gambling Commission director of enforcement and intelligence John Pierce said: 'We expect all operators, regardless of their size or customer base, to comply with consumer protection legislation and ensure their terms and conditions meet regulatory standards. 'Licensed operators must ensure their terms are clear, fair, and transparent, so customers fully understand what to expect.' The firm had acknowledged that it previously fell short of the standards expected by the Commission and had taken steps to address the shortcomings, the commission said.
The Independent
a day ago
- Business
- The Independent
Taichi Tech fined £170,000 for unfair terms and conditions
An online gambling firm has been fined £170,000 for regulatory failures including the use of unfair terms and conditions. Taichi Tech Limited, trading as Fafabet, will also have to undergo a third-party audit to ensure it has effective anti-money laundering and safer gambling procedures, the Gambling Commission said. An investigation found that Taichi Tech's terms claimed that it had 'the right at their own discretion to close accounts or forfeit winnings'. The regulator concluded that the firm breached the 'fair and open' licensing condition by including a discretionary term allowing the operator to close customer accounts or forfeit winnings without clear justification. The investigation also found failures relating to anti-money laundering and social responsibility breaches. These included allowing some customers to gamble large sums within a short period of time and providing insufficient interaction despite 'high-velocity' spending over short periods. Gambling Commission director of enforcement and intelligence John Pierce said: 'We expect all operators, regardless of their size or customer base, to comply with consumer protection legislation and ensure their terms and conditions meet regulatory standards. 'Licensed operators must ensure their terms are clear, fair, and transparent, so customers fully understand what to expect.' The firm had acknowledged that it previously fell short of the standards expected by the Commission and had taken steps to address the shortcomings, the commission said.
