BetVictor has been subject to a £2 million (US$2,715,620) regulatory action by the Gambling Commission by the Gambling Commission after an investigation revealed fairness, social responsibility and money laundering failures .
The operator will pay this amount as part of the agreement with the commission, which will go to the National Strategy for Reducing Gambling Harm.
The Gambling Commission has commenced a regulatory review of BV Gaming — the company that trades as BetVictor and operates betvictor.com, betvictor.mobi, hbingo.co.uk, heartbingo.co.uk and parimatch. co.uk — in April 2020 following the compliance review.
It uncovers flaws in company processes aimed at preventing money laundering and protecting vulnerable people.
Among the money-laundering rule violations carried out by the company do not include the full range of risk factors, such as high spenders or consumers using multiple gambling accounts or wallets.
The Commission also said there was no evidence of effective due diligence in the majority of customer accounts reviewed and that, due to ineffective triggers, some of the customers reviewed were able to submit and spend a large amount of money before the source of funds and ability to pay is established.
There is an undue reliance on automated thresholds to claim funds, the commission said, and despite evidence of regular meetings taking place, specifically looking at the top 25 high-risk clients. , they see no evidence of any client monitoring unless they reach the threshold.
The Commission said the extent to which BV Gaming took steps to remedy the breach, early recognition of the error and cooperation with the regulator, were among the mitigating factors.
Gambling Commission enforcement director Leanne Oxley said: “As gambling regulator, our focus is on ensuring that gambling in the UK is fair, safe and crime-free. , and BetVictor failed consumers by violating the rules aimed at achieving these goals.
“Noncompliance — whatever the reason — will never be a viable business option for gambling businesses. We will always be tough on operators that fail in this way.”
