Gambling Commission Suspends Licence of VGC Leeds Limited
The UK Gambling Commission has suspended the operating licence of VGC Leeds Limited while it conducts a regulatory review. The decision follows concerns about failures in anti-money laundering controls and governance standards. The suspension is effective immediately.
Regulatory Review Launched
The Gambling Commission initiated a review under section 116 of the Gambling Act 2005 to determine whether VGC Leeds Limited has operated in a way that breaches licensing requirements. The regulator noted that the company may no longer be suitable to hold its licence.
A recent Compliance Assessment indicated that the operator may not have implemented effective anti-money laundering policies and controls. The assessment raised doubts about whether the company met the mandatory conditions designed to prevent criminal activity in gambling operations.
Issues in Risk Management and Governance
The Commission highlighted concerns about inadequate decision-making processes and the handling of identified risks related to anti-money laundering and counter-terrorist financing. These issues suggested broader weaknesses in governance and risk oversight.
The regulator stated that the failings identified represent a risk to key licensing objectives, particularly the requirement to prevent gambling from being used as a source of crime.
While the suspension remains in place, the operator has been instructed to ensure that consumers are treated fairly and kept informed of any developments that may affect them.