Videoslots To Pay £2 Million for Non-Compliance
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The UK Gambling Commission has issued a 2 million pound regulatory settlement for Videoslots Limited for the operator’s failure to comply with the social responsibility and anti-money laundering (AML) procedures. The aforementioned amount imposed after the Commission’s investigation of the Videoslots’ operations will represent a part of the operator’s settlement with the regulatory body.
Regulatory Failures:
Videoslots Limited, the Malta-based 2023 Online Casino Operator of the Year , runs gaming platforms videoslots.com, videoslots.co.uk, and mrvegas.com. Having inspected the platform, the Commission found that Videoslots committed a series of failures in responsible gaming procedures. The Commission also indicated that the operator exercised failure to implement suitable risk management and due diligence procedures in the AML data processes.
Social Responsibility Failures:
The company reportedly failed to identify players with risky behavior as prospectively subject to harm, which, according to the rules, represents a breech of the operator’s obligation to timely conduct a responsible gaming review. The same allegations include the failure to assess whether the amounts deposited or lost by players were within the responsible gaming limits. Also, the operator allowed customers exceeding the safe gambling limits to continue gambling considerable amounts thus failing to adhere to social responsibility provisions.
AML Failures:
The Commission imposed the 2 million pound settlement based on the above findings, as well as for the gambling operator’s failures to comply to the prescribed anti-money laundering processes that included the failure to implement timely AML reviews regarding the sources of the gambled funds and the significant delays in applying risk management procedures. These measures were reportedly introduced at the stage when they could not be effectively applied.
Insufficient AML Analyst Force:
Videoslots‘ failures in AML procedures also included failures to perform an early due diligence for customers thus facilitating an increased platform’s handle but also neglecting the declared risk-based approach. According to the UK Gambling Commission, such failures were due to the insufficient AML analyst force to process the data or conduct reviews of the AML-suspect accounts following the company’s policies and the regulator’s requirements.
Fine to Fund Social Responsibility Programs:
The Commission informed that the £2 million to be collected from the settlement with the company will be directed to socially responsible purposes. Videoslots Limited will thus add the latest regulatory settlement imposed by the UK regulator to the $10 million assessment paid in March to the Dutch gaming authority KSA for violating the gambling regulations in this country. These breeches testify about the Videoslots’ platforms being so busy that the regulatory failures may occur at any time thus warning the company to pay utmost attention to its online gaming compliance.
