ShareBetVictor has been hit with a £2 million fine by the UK Gambling Commission for breaching regulations after several shortcomings were discovered during a compliance assessment. Failures regarding fairness, money laundering, and social responsibility came to light, resulting in what is the second-largest penalty of its kind in 2022 so far.
Multiple Failures
In April 2020, the UKGC began a regulatory review into BV Gaming after a compliance assessment. Multiple failures were found, the worst being money laundering prevention and protecting vulnerable people, such as known problem gamblers.Due diligence to flag accounts was ineffective and often led to customers being able to deposit and wager large sums before affordability checks were carried out. Checks on the source of funds were also deemed insufficient.
BV Gaming Limited, trading as BetVictor, will pay a total of £2m after a Gambling Commission investigation revealed fairness, social responsibility, and money laundering failures. Read more: https://t.co/bIsJKnK8dd pic.twitter.com/EjNEUIOj1Z
— Gambling Commission (@GamRegGB) February 24, 2022
There was said to be an over reliance on automated thresholds before checks were carried out and no monitoring of customers who were already flagged as high risk.
UKGC director of enforcement 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.”
Although the UKGC handed out such a large fine, mitigating factors were taken into account, such as BV Gaming’s willingness to cooperate and early action to remedy any legal obligations. To end the matter, the UKGC demanded the right to make a public statement and requested that BV Gaming contribute £11,000 towards the commission’s investigation.
This could be the start of a pattern that continues throughout 2022. In January Genesis Global was fined an eye-watering £3.8 million and had its license suspended for gross failures regarding social responsibility and money laundering prevention.
