Uncategorized
UKGC Fines Vivaro for AML and Social Responsibility Failings
The UK Gambling Commission (UKGC) has announced that Vivaro Limited, trading as vbet, will pay a GBP 337,631 ($413,974) regulatory settlement following a series of compliance failings. An investigation found the company’s processes failed at preventing money laundering and ensuring safer gambling. The money will go to socially responsible causes.
The regulator found that, between October 2020 and June 2021, Vivaro failed to comply with certain License Conditions and Codes of Practice, did not implement proper Anti-Money Laundering policies, procedures and controls; and showed deficiencies in its responsible gambling policies and practices.
In line with the UKGC’s statement of principles for licensing and regulation, Vivaro will make payments in lieu of a penalty package of GBP 337,631. Of that sum, GBP 302,500 will go to National Responsible Gambling Strategy projects to pay for research and treatment as determined appropriate to address the risk of harmful gambling. A payment of GBP 15,606 will also cover the regulator’s investigation.
Powered by WPeMatico