BetVictor hit with £2m UKGC fine for AML and responsibility flaws

BV Gaming, which trades as BetVictor, has been handed a £2 million fine by the UK Gambling Commission (UKGC) for anti-money laundering, social responsibility and fairness failings. 

A compliance assessment conducted in March 2020 uncovered failings in relation to licence conditions and code of practice, including a group AML risk assessment which did not meet the expected standard and which inadequately identified risks posed by money laundering, terrorist financing and mitigating controls. 

On social responsibility, BV failed to comply with the relevant code provision, with the operator’s responsible gambling policies, procedures, controls and practices said to be lacking – these were also found to have been implemented weakly.

Lastly, the firm was found to have leveraged a risk assessment that ‘lacked detail considering the large size of the business’, whilst adequately assessing risk factors such as high spenders or customers using multiple gambling accounts or wallets. 

Leanne Oxley, UKGC Director of Enforcement, 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 handing BV a £2 million fine, the UKGC has considered mitigating factors such as the extent of steps taken to remedy the licence branches as well as the firm’s early recognition of the failings and cooperation with the authority.

BV Gaming – which operates BetVictor, Heart Bingo and Parimatch.co.uk, will pay a regulatory settlement of a £325,000 divestment of GGY gained as a result of the failings and a £1.72m payment in lieu of a financial penalty, which will be directed to the National Strategy to Reduce Gambling Harms.

Furthermore, the UKGC will also require an agreement to the publication of a public statement in relation to this case, along with a payment of £11,000 towards the Commission’s costs of investigation.

BV is the latest company this year to face a Commission fine for AML and social responsibility failings, after Genesis Global was charged £3.8 million last month.