The UK Gambling Commission has confirmed that it’s fined gambling operator BV Gaming Limited for numerous failures.
The operator, which trades as BetVictor, has been fined £2 million by the Commission after an investigation into the firm revealed fairness, money laundering, and social responsibility failures.
Some of the money laundering failures noted by the Commission include not adequately including risk factors such as high spending or consumers using multiple gambling accounts or wallets. In addition, the Commission found that reviewed customers were allowed to deposit and spend large sums of money before conducting source of funds checks.
The Commission also notes how BV Gaming Limited failed to meet its required license and code conditions, social responsibility requirements, and more. Following the investigation, BV Gaming Limited accepted that at the time of assessment, its policies and processes were not fully compliant.
As a result, BV Gaming Limited has been fined £2 million. The settlement includes a £352,000 divestment of GGY gained as a result of the failings directed towards delivering the National Strategy to Reduce Gambling Harm, a £1,728,000 payment in lieu of a financial penalty also directed to the National Strategy to Reduce Gambling Harms, and payment of £11,000 towards the Commission’s investigation costs.
Leanne Oxley, the Director of Enforcement at the UK Gambling Commission, said in a statement: “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.
“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.”
The news comes as the UK government continues its review of the Gambling Act 2005, and shortly after the Betting and Gaming Council (BGC) warned the government from imposing tighter restrictions and pushing gamers into the illegal black market.