Vbet Agrees £338K Settlement with UKGC over License Breaches
The gambling regulator in the UK, the Gambling Commission, announced a regulatory sanction against Vivaro Limited, an operator doing business as Vbet
The £337,631 ($414,300) regulatory settlement comes after the Commission uncovered breaches related to safer gambling and anti-money laundering rules.
UK Gambling Regulator Probes into Vbet
The gambling watchdog reminded that all licensed operators in the UK need to comply with the Gambling Act 2005, the main gambling law that is currently under review by the government. Under the license conditions, operators are required to ensure that their operations are conducted in a fair and open way. At the same time, licensed operators need to protect vulnerable individuals and children from gambling and ensure that their services are not being exploited or associated with a crime nor support any criminal activity.
The Commission probed Vivaro Limited’s operations and uncovered deficiencies and breaches to safer gambling as well as preventing money laundering. The breaches, according to the Commission occurred between October 2020 and June 2021.
“The Gambling Commission has announced that Vivaro Limited trading as vbet, will pay a £337,631 regulatory settlement following a series of failings,“
reads a statement released by the Gambling Commission
Gambling Watchdog Uncovers AML, Responsible Gambling Breaches
The deficiencies within Vivaro Limited’s responsible gambling operations involved policies, controls and practices, as well as procedures. Those efforts failed to comply with responsible gambling regulations or were insufficient, according to the Commission.
On the other hand, the gambling watchdog uncovered that Vivaro Limited breached anti-money laundering (AML) regulations. It said that the company failed to implement sufficient AML procedures, policies and controls.
“Our investigation found, and Vivaro accepts, that there were significant weaknesses in its systems relating to how it managed its customers for AML and social responsibility purposes,“
explained the regulator
According to the Commission, the fine will be allocated toward socially responsible causes. From that total, £302,500 ($370,200) will be redirected toward the National Responsible Gambling project which helps with the treatment and research of problem gambling.
Along with the settlement, Vivaro Limited saw an addition to its operating license which will require the company to undergo a 12-month audit via a third party. Ultimately, the probe will seek to determine if the licensee is effectively implementing controls and processes that ensure its compliance with the regulatory framework. Upon completion of the audit, the Commission is due to receive a copy of the report.
Jerome is a welcome new addition to the Gambling News team, bringing years of journalistic experience within the iGaming sector. His interest in the industry begun after he graduated from college where he played in regular local poker tournaments which eventually lead to exposure towards the growing popularity of online poker and casino rooms. Jerome now puts all the knowledge he's accrued to fuel his passion for journalism, providing our team with the latest scoops online.
