Betvictor Hit with £2 Million Fine for AML and Social Responsibility Failures

The United Kingdom Gambling Commission (UKGC) has handed out a fine to BV Games which trades under BetVictor after an investigation by the regulator found Anti Money Laundering (AML) and Social Responsibility failures in relation to UK license conditions.

Did Not Meet Requirements

The assessment which took place in March 2020 found the AML checks did not meet the requirements set out by the UKGC, checks which would identify risks of money laundering, terrorist financing, and mitigating controls.

In terms of social responsibility, the report found BetVictor had not carried out the correct codes, procedures, and controls to determine whether players were at risk from gambling harm. For such a large business, the company lacked detail, not assessing risk factors of customers depositing large sums of money or using multiple accounts or wallets.

Non-Compliance Not a Viable Business Option

UKGC director Leanne Oxley said, “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.”

Before issuing the £2m fine, UKGC considered the lengths BetVictor had taken to remedy the problems and its cooperation throughout the dealings with the Gambling Commission. The UKGC also requested an agreement of a public statement relating to the case, including a fee of £11,000 to the UKGC for investigation costs.

Ms. Oxley said the money received via the fine will go directly to the ‘National Strategy to Reduce Gambling Harm’, an arm of the Gambling Commission which set out a three-year strategy with the aim of reducing gambling-related harm faster and more efficiently.