Vbet in six-figure settlement for AML and Safer Gambling failures17th January 2023 9:54 am GMT
Britain’s Gambling Commission has announced a £337,631 regulatory settlement with Vivaro Limited, operator of the Vbet online betting and gaming brand.
The operator has agreed to pay the regulatory settlement following a series of failings in its anti-money laundering and safer gambling processes.
An investigation by the Gambling Commission found that Vivaro failed to comply with certain Licence Conditions and Codes of Practice between October 2020 and June 2021.
These included allowing customers to deposit significant sums before ‘know your customer’ (KYC) checks were carried out, and AML trigger levels being set too high to effectively manage money laundering risk.
The company also failed to sufficiently consider the risks associated with funds a customer used to gamble that had originated from crypto currency.
The regulatory settlement is comprised of a payment in lieu of a financial penalty of £302,500, which will go to National Responsible Gambling Strategy projects, alongside divestment of £35,131 and the voluntary placing of additional condition on Vivaro’s’ operating licence.
The company will also pay £15,606.50 towards the Commission’s investigative costs.