BetVictor will pay £2m ($2
BetVictor will compensate £2m ($2.7m) after a Gambling Commission investigation revealed fairness, societal responsibleness and anti-money laundering (AML) failures.
Following a compliance assessment inwards Mar 2020, the Commission launched a regulatory retrospect that uncovered failings on the division of the bookmaker.
Between 1 January 2019 and 12 March 2020, BetVictor was found to hold non met several of its licence obligations.
In particular, the regulator identified shortcomings regarding the operator’s AML fabric and responsible for(p) gaming policies, procedures, controls and practices.
In considering an conquer resolve to its investigation, the Gambling Commission elaborated several exasperating and mitigating factors.
Among the former were the “serious nature of the breaches identified,” the impact on licensing objectives and the want to encourage compliance among other operators.
But inwards BetVictor’s favour, the regulator noted that steps had been taken to relieve the breaches, including the effectuation of an process program and the company’s cooperation with the Commission.
The resolution money, the Gambling Commission said, represents a £352,000 divestment of revenue gambling relent (GGY) and a £1,728,000 defrayal in lieu of a financial penalty, which will spell to the National Strategy to Reduce Gambling Harms.
“As a gambling regulator our sharpen is on ensuring that play inwards Britain is fair, safe and crime-free, and BetVictor failed consumers past breaching rules aimed at achieving these objectives,” said Leanne Oxley, Gambling Commission Director of Enforcement.
“Non-compliance — no affair what the reason — testament never live a viable byplay choice for gaming businesses. We will ever be tough on operators who break down in this way.”
Gambling Insider reached out to BetVictor for comment, but it has non responded.