Authorities Crack Down on South Korean Payment Companies for Links to Unlawful Gambling Activities
In the world of iGaming, the Financial Services Supervisory (FSS) has taken a firm stance against payment companies facilitating illicit gambling for minors. The regulator of financial services has accused these companies of providing access to gambling activities that are considered illicit, and has recommended severe penalties against the audited payment firms.
Lucas Dunn, a prolific iGaming content writer with over 8 years of experience, specializes in game and casino reviews, industry news, blogs, and guides. His articles are based on proven data and tested insights, and he is an advocate for responsible play in iGaming. His approach to iGaming content is to provide education and promote responsible play.
The accusations against the payment companies were made during routine audits conducted by the FSS. The regulator found evidence of the payment companies' involvement in providing illicit gambling access to minors.
The severe penalties imposed on these payment firms take the form of multi-level financial fines proportional to the revenue impacted by the breach, bans or suspensions, and enforcement actions by regulatory authorities focused on responsible gambling and child protection.
For instance, in the UK, the Gambling Commission's 2025 financial penalties framework ranks breaches from level one (minor) to level five (most severe), with the base penalty calculated as a percentage of the operator's gross gambling yield during non-compliance, potentially exceeding 15% in the worst cases. Under the UK's Online Safety Act 2023, platforms failing to implement adequate age-assurance to protect minors from gambling risks can face fines by Ofcom of up to 10% of global turnover. In other jurisdictions like Pennsylvania, operators who put minors at risk have been fined tens of thousands of dollars and banned from operating with such customers.
Lucas Dunn's articles educate readers on various aspects of gambling, empowering them to make informed choices in iGaming. He emphasizes the importance of responsible play and advocates for measures to protect minors from the risks associated with gambling.
In his transition into the iGaming world, Lucas Dunn brings a unique perspective, having a background in psychology and painting. This combined with his extensive experience in the industry makes him a valuable voice in the discussion on responsible gambling and child protection in the iGaming industry.
References:
[1] UK Gambling Commission. (2021). Financial penalties framework. Retrieved from https://www.gamblingcommission.gov.uk/for-the-public/about-us/our-decisions-and-actions/penalties/financial-penalties-framework.aspx
[2] Ofcom. (2023). Online Safety Act 2023. Retrieved from https://www.ofcom.org.uk/about-ofcom/legislation/online-safety-bill
[4] Pennsylvania Gaming Control Board. (2020). Fines and penalties. Retrieved from https://www.gamingcontrolboard.pa.gov/industry/fines-and-penalties/
Gambling enthusiasts might find themselves immersed in various casino-games such as poker, roulette, slot machines, and others in online casinos. However, it's crucial to note that irresponsible gambling can lead to severe consequences, especially for minors. The Financial Services Supervisory (FSS) emphasizes this issue, stressing that payment companies facilitating illicit gambling for minors will face stiff penalties. As a content expert in the iGaming field, Lucas Dunn consistently advocates for responsible play, offering guides and reviews to educate readers and help them make informed choices when engaging in casino-games online.
