The UK Gambling Commission (UKGC) has announced its intention to impose a regulatory action on Vivaro Limited, which operates under the Vbet brand. According to the UKGC’s statement, the sports betting operator is to pay the regulator $412,000 regulatory settlement following a series of compliance failings.
The settlement follows an investigation which highlighted failings in Vivaro Limited’s processes aimed at preventing money laundering and safer gambling.
Among the reasons cited by the UKGC were the following:
- failings in Vivaro’s implementation of Anti-Money Laundering (AML) policies, procedures and controls
- deficiencies in its responsible gambling policies, procedures, controls and practices, including weaknesses in implementation.
However, the Commission’s investigation found no evidence of criminal spending, and in determining the appropriate outcome, the regulator noted in its assessment that Vivaro had been cooperative with the investigation and had taken ‘proactive and timely action’ to address the issues raised.
Vivaro was founded in Armenia in 2003. In addition to sports betting, the company offers poker and online casinos. Currently, the gambling operator operates in dozens of countries around the world, including France, Ukraine, Great Britain, Sweden and Italy.
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