Regulatory Breaches Result in £2M Fine for Videoslots Limited in the UK
Videoslots Limited, the operator of prominent platforms such as videoslots.com, videoslots.co.uk, and mrvegas.com, has agreed to a settlement in the amount of £2 million following an investigation by the Commission that uncovered significant social responsibility and anti-money laundering (AML) failings.
The investigation revealed various social responsibility infractions, including the lack of timely and effective responsible gambling reviews for customers exhibiting risk behaviours. Additionally, the operator failed to appropriately assess whether the deposits and losses of customers were reflective of potential harm. Furthermore, customers exhibiting indicators of harm were allowed to continue substantial gambling activities even after interactions and despite the persistence of harmful behaviours.
AML deficiencies were also identified during the investigation. These encompassed the insufficient implementation of risk-based processes due to significant delays in conducting necessary actions such as AML reviews or requests for source of funds. Videoslots Limited was also found to have failed in completing early customer due diligence in line with its own risk-based approach. Moreover, the lack of an adequate number of AML analysts led to an inability to process the required data volume and conduct AML account reviews in line with established procedures.
As part of the settlement agreement, the entirety of the £2 million will be directed towards socially responsible causes. This case underscores the importance of regulatory adherence within the iGaming industry and serves as a reminder for all operators to continuously evaluate and enhance their social responsibility and AML practices.