Vivaro Limited is fined £338K (€382K) by the UK Gambling Commission for AML failures

Vivaro Limited business as Vbet was fined £338K (€382K) by the UK Gambling Commission for anti-money laundering (AML) policies, processes, and controls.

The examination uncovered internal flaws in Vivaro Limited's anti-money laundering and safe gambling practises, leading to the settlement.

The Gambling Commission disclosed in a public statement that a compliance audit conducted in April 2021 found "failures in Vivaro's practises targeted at combating Money Laundering (ML) and safer gambling."

Vivaro "has been in contravention of licence requirements and Social Responsibility Code Provisions" from October 2020 to June 2021, they stated.

Among the firm's AML failures were:

• In compliance with licence criteria designed to prevent money laundering and terrorism financing.

• A licence condition requiring operators in foreign jurisdictions to comply with the 2017 Money Laundering, Terrorist Financing, and Transfer of Funds (Payer Information) Regulations.

• The Social Responsibility Code Provision (SRCP), which requires licensees to communicate with consumers in a way that reduces the risk of gambling-related harm, as well as to follow the Commission's customer contact recommendations.

The Gambling Commission discovered the following throughout their examination and subsequent regulatory review:

• Vivaro's "anti-money laundering (AML) policies, processes, and controls" were found to be deficient.

• Weaknesses in its responsible gambling policies, methods, controls, and practises.

A total of £337,631 (€381,101) will be contributed to charitable organisations.

By fLEXI tEAM