The FIAU said the record €733,160 fine was issued at the end of August against Malta-based Vivaro Ltd, a remote gaming operator. As it had violated 10 different provisions of the law.
The company had failed to make connections between player profiles across brands operating on their licence.
Some other issues that were highlighted included ineffective monitoring of activity and lack of correct source of wealth, source of funds measures and transaction monitoring analysis systems were also not up to scratch.
An onsite examination showed that the company was flagging players as high risk when they reached a €2,000 transaction limit.
However, this appears to have been on paper only, as the 30 player profiles reviewed had reached the €2,000 threshold but none had been rated as high risk.
The FIAU said this showed that the company was not even following its own procedures, even if these procedures were deemed to be insufficient to properly assess risk in the first place.
Further shortcomings included, that although the company made reference to non-reputable jurisdictions or to countries subject to international sanctions) it failed to consider the exposure it had from these jurisdictions. also the company did not consider the risk exposure from Politically Exposed Persons..
Beyond the administrative fine, the FIAU directed the company to address shortcomings through a structured plan.
