PSA and Dynamic Mobile Billing reach settlement in DDRAC case
The PSA and Dynamic Mobile Billing (DMB) have reached a settlement in the investigation into DMB’s due diligence, risk assessment and control (DDRAC).
The PSA opened the investigation based on complaints and the compliance record of a number of merchants operating through another intermediary and DMB. The investigation found that DMB had insufficient risk assessment and control in place in respect of an intermediary it contracted with.
DMB have agreed to pay a fine of £250,000 and administrative costs, and submit to a compliance audit.