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VBet issued £337,631 regulatory action by Gambling Commission

Updated:2024-03-30 08:56    Views:161

Following an inquiry that exposed failings in Vivaro Limited's procedures intended to prevent money laundering and promote safer gambling, a settlement was agreed upon.

All £337,631 will be used for socially responsible causes.

Between October 2020 and June 2021, Vivaro 'failed to comply with certain Licence Conditions and Codes of Practice (LCCP), specifically requiring the prevention of money laundering and terrorist financing, licence condition 12.1.2 requiring operators based in foreign jurisdictions to comply with the Money Laundering, Terrorist Financing and Transfer of Funds (Information of the Payer) Regulations 2017, among others.'

The operator also breached the Social Responsibility Code Provision (SRCP) 3.4.1, which requires licensees to interact with customers in a way that minimises the risk of customers experiencing harms associated with gambling.

With licences to conduct business in the United Kingdom, Malta, France and Sweden,Online Casino Games as well as applications pending in other places, VBet provides markets on more than 120 sports.

Meanwhile, the Malta Gaming Authority (MGA) has approved VBet to begin taking player deposits made in the form of cryptocurrencies, or "virtual financial assets" as they are known in Maltese law.

Players can deposit using cryptocurrencies at the white-label partners of the supplier, including Vbet.net, which is run by Vivaro Limited.

Last July, VBet and OGC Nice also entered into a three-season partnership.

“We are delighted with the arrival of VBet among our official partners,” said Jean-Pierre Rivère, President of OGC Nice.

“It is an ambitious and dynamic group that is constantly developing. VBet is constantly seeking to innovate in its sector. It is a field on which we find ourselves.”