BV Gaming Limited
GIBRALTAR, GX11 1AA, Gibraltar
What is a settlement?
Following an investigation into a licence holder we may enter into a regulatory settlement. These take place, for example, where the licence holder has been open and transparent with us and has shown a willingness to suggest actions that prevent the need for a more formal sanction.
Decision date: 24 February 2022
Outcomes: Divestment, Payment in lieu of financial penalty, Commission costs and Public statement
Details of action
Following a compliance assessment conducted in March 2020 (the Assessment), the Commission commenced a section 116 regulatory review1 of BV Gaming Limited, trading as BetVictor (BV Gaming). The regulatory review found failings in BV Gaming’s processes which were aimed at preventing money laundering (ML) and protecting vulnerable people.
Between 1 January 2019 to 12 March 2020 BV Gaming failed to comply with the Licence conditions and codes of practice (LCCP), specifically:
- Paragraph 1 of Licence condition 7.1.1 requiring compliance with fair and transparent terms and practices.
- Paragraphs 1, 2 and 3 of Licence condition 12.1.1, requiring licensees to take steps to prevent 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 (the 2017 Regulations).
- Paragraphs 1 and 2 of Social responsibility code provision (SRCP) 3.4.1, requiring licensees to interact with customers in a way which minimises the risk of customers experiencing harms associated with gambling, and to take into account the Commission’s guidance on customer interaction.
- Paragraph 2 of SRCP 5.1.9 requiring licensees to comply with marketing requirements.
BV Gaming submitted a remedial action plan with the Commission within 2 days of receiving the notice commencing the licence review on 7 April 2020, which it then preceded to implement, as it had committed to the Commission to do.
Taking into account remedial action taken by BV Gaming and in line with our Statement of principles for licensing and regulation, BV Gaming will divest £352,000.00, gross gambling yield (GGY) gained as a result of the failings and pay a total of £1,728,000 in lieu of a financial penalty.
Further information about this case can be found on the Commission’s website.