The UK Gambling Commission (UKGC) has revealed that the online gambling operator Vivaro Limited, which currently trades in the country as vbet, is set to pay a regulatory settlement worth £337,631 after a number of failures to comply with the UK gambling laws.
The settlement between the digital gambling operator and the UK gambling regulatory body follows an investigation carried out by the watchdog. The probe found some failings in the safer gambling and anti-money laundering procedures and processes of Vivaro Limited.
The investigation followed a compliance assessment that was carried out by the regulator in April 2021 and ended up with the beginning of a regulatory review of the operator’s Combined Remote Operating Licence No.:000-044662-R-324273-017 under section 116 of the Act. The review found that Vivaro Limited’s processes aimed at the provision of safer gambling and the prevention of money laundering.
In its January 17th statement, the Gambling Commission revealed that the entire sum paid as a settlement by the online gambling company is set to fund socially responsible causes. It also issued a public statement with more detailed information about the operator’s failures.
Several Licence Conditions and Social Responsible Code Provisions Were Breached by Vivaro Limited
According to the public statement of the UK Gambling Commission, Vivaro Limited failed to comply with a number of Licence Conditions and Codes of Practice (LCCP) in the period from October 2020 to June 2021. The watchdog shared that the probe and a subsequent regulatory review found failures in the implementation of the company’s anti-money laundering policies, controls and procedures, as well as significant deficiencies in its responsible gambling policies, practices, controls, and procedures. The deficiencies also included some weaknesses in implementation.
The country’s gambling regulatory body shared that the online gambling company failed to comply with paragraphs 2 and 3 of Licence condition 12.1.1 which requires the operator to prevent terrorist financing and money laundering. Apart from that, Vivaro Limited failed to comply with Licence Condition 12.1.2 which requires gambling companies based in foreign jurisdictions to make sure they stay in line with the provisions of the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017.
The online gambling operator was also found to have failed to comply with paragraphs 1 and 2 of the Social Responsible Code Provision (SRCP) 3.4.1, which requires companies to make sure they interact with their customers in a way that reduces the risk of experiencing gambling-related harm. Operators are also supposed to take into account the guidance on customer interaction of the UK Gambling Commission.
As mentioned above, Vivaro Limited is set to make payments instead of a penalty package worth £337,631. The company accepted there were significant weaknesses in its systems linked to the customer management of anti-money laundering and social responsibility purposes. Apart from that, the online gambling operator accepted there were major licence condition violations that took place for a sustained period of time, impacting various licensing objectives, particularly linked to anti-money laundering and counter-terrorism financing, and protecting vulnerable individuals from potential harm or exploitation by gambling.
- Author
Olivia Cole
