The UK Gambling Commission has imposed a fine of £170,000 (approximately $232,000) on Taiji Technology Limited and its brand Fafabet for having unfair terms and conditions.
The investigation found that Fafabet violated the licensing requirements for fairness and transparency, particularly with a clause in the new casino promotional bonus terms that stated "Fafabet reserves the right to close accounts or confiscate winnings at its discretion," which was deemed to violate the Consumer Rights Act of 2015. John Pierce, the Commission's Director of Enforcement and Intelligence, emphasized that licensed operators must ensure that terms are clear, fair, and transparent to protect consumer rights.
Additionally, the investigation revealed deficiencies in Fafabet's anti-money laundering and social responsibility practices, including missing potential risk flags and inadequate identity verification (KYC) processes. Taiji Technology Limited has acknowledged these shortcomings and agreed to accept regulatory penalties.
This penalty reflects the regulatory authority's strict requirements for operator compliance and player protection, calling on the industry to strengthen internal controls and transparency.
