VGC Leeds Limited
The Commission investigated VGC’s handling of 10 customers following concerns identified at a compliance assessment in July 2019. Our investigation identified failings in the way VGC identified and managed customers who were at higher risk of money laundering and gambling-related harm.
On 24 October 2019, we gave VGC notice that we were commencing a review of its operating licence. That review revealed VGC had breached conditions of its operating licence.
VGC cooperated with our enquiries throughout the course of our investigation and has accepted that the implementation of its policies and procedures in respect of AML and safer gambling were not effective. It has accepted that it failed to act in accordance with conditions of its operating licence between January 2017 and July 2019.
In line with our Statement of principles for licensing and regulation, VGC will pay £241,000 to represent divestment of the amount of financial gain accrued as a result of the accepted failings, and £209,000 in lieu of a financial penalty. It will also pay Commission costs of £21,578.17.
Agreement to the publication of a statement of facts in relation to this case - with the news story/ public statement being linked off the "a statement of facts".