The Gambling Commission has announced that online gambling operator Vivaro Limited trading as vbet, must pay a £337,631 (€381,233) regulatory settlement following a anti money laundering (AML) and social responsibility failings.
UK Gambling Commission Agrees Financial Settlement with Vivaro LTD for AML and Social Responsibility FailingsThese infringements included:
- Customers were able to deposit a large amount of money without undergoing “know your customer” (KYC) checks first.
- Insufficient guidance telling staff how they should verify Source Of Funds (SOF)
- AML triggers sets too high UK Gambling Commission Agrees Financial Settlement with Vivaro LTD for AML and Social Responsibility Failings UK Gambling Commission Agrees Financial Settlement with Vivaro LTD for AML and Social Responsibility Failings UK Gambling Commission Agrees Financial Settlement with Vivaro LTD for AML and Social Responsibility Failings
- Insufficient risk analysis for funds that had originated from crypto currency.
The investigation also found that Vivaro had insufficient communication with customers who had hit safer gambling limits. The Commission noted that staff relied too heavily on email interactions with these customers. One customer was allowed to deposit £20,000 (€22,583) over a five month period which accounted for 80% of their salary.
UK Gambling Commission Agrees Financial Settlement with Vivaro LTD for AML and Social Responsibility FailingsGambling industry fines in 2022 hit more than a quarter of a billion dollars for the first time (£220,948,192 / $269,532,490) – a huge increase of 443.9% compared to 2021’s total of $48,642,992.
Olivia has worked as an editor and writer for major brands across multiple niches. She now focuses on the iGaming and sports betting industries.