The UK Gambling Commission has hit Videoslots Limited with a £2 million (€2.3 million) regulatory settlement for social responsibility and anti-money laundering failures.
Videoslots runs three online gambling websites in the UK:
- videoslots.com
- videoslots.co.uk
- mrvegas.com
According to the Commission’s announcement, an investigation revealed the following breaches of the company’s licensing conditions.
Social responsibility failures
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Gambling Commission Hits Videoslots With Regulatory Settlement for AML and Social Responsibility Failings
- Failing to take into consideration whether deposits or losses were appropriate for the customer – one customer with an income of £60,000 (€70,100) was allowed to lose £98,000 (€114,500) within six months with no interaction.
- Allowing customers with clear problem gambling indicators to gamble significant amounts.
Anti-Money Laundering (AML) failures
- Failure to implement risk-based processes appropriately – one customer was allowed to deposit £112,225 (€131,120) without the correct checks. That same customer also hit several problem gambling triggers and lost £58,725 (€68,612) with no interactions.
- Failing to carry out customer due diligence at an early stage as required by internal processes.
- Having insufficient AML analysts to handle expected AML procedure workflow
This is the second time that Videoslots has been penalized by the commission. On a previous occasion the company paid £1 million for similar breaches.
This brings the total industry sanctions for 2023 to more than £53,767,828 (€62,827,214). Gambling industry fines in 2022 came to €251,712,034 / $269,532,490 – a significant increase of 443.9% compared to 2021’s total of €44,753,969 / $48,642,992.
Olivia has worked as an editor and writer for major brands across multiple niches. She now focuses on the iGaming and sports betting industries.