BetVictor to pay £2m after investigation uncovers responsibility and AML failures
BetVictor will pay £2m ($2.7m) after a Gambling Commission investigation revealed fairness, social responsibility and anti-money laundering (AML) failures.
Following a compliance assessment in March 2020, the Commission launched a regulatory review that uncovered failings on the part of the bookmaker.
Between 1 January 2019 and 12 March 2020, BetVictor was found to have not met several of its licence obligations.
In particular, the regulator identified shortcomings regarding the operator’s AML framework and responsible gaming policies, procedures, controls and practices.
In considering an appropriate resolution to its investigation, the Gambling Commission detailed several aggravating and mitigating factors.
Among the former were the “serious nature of the breaches identified,” the impact on licensing objectives and the need to encourage compliance among other operators.
But in BetVictor’s favour, the regulator noted that steps had been taken to remedy the breaches, including the implementation of an action plan and the company’s cooperation with the Commission.
The settlement money, the Gambling Commission said, represents a £352,000 divestment of gross gambling yield (GGY) and a £1,728,000 payment in lieu of a financial penalty, which will go to the National Strategy to Reduce Gambling Harms.
“As a gambling regulator our focus is on ensuring that gambling in Britain is fair, safe and crime-free, and BetVictor failed consumers by breaching rules aimed at achieving these objectives,” said Leanne Oxley, Gambling Commission Director of Enforcement.
“Non-compliance — no matter what the reason — will never be a viable business option for gambling businesses. We will always be tough on operators who fail in this way.”
Gambling Insider reached out to BetVictor for comment, but it has not responded.
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