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.
Gambling Commission Hits Videoslots With Regulatory Settlement for AML and Social Responsibility Failings- videoslots.com Gambling Commission Hits Videoslots With Regulatory Settlement for AML and Social Responsibility Failings
- mrvegas.com
Social responsibility failures
- Failing to undertake responsible gambling reviews at an early stage when customers displayed signs of problem gambling.
- 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
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Gambling Commission Hits Videoslots With Regulatory Settlement for AML and Social Responsibility Failings
- 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
Olivia Richardson
Olivia has worked as an editor and writer for major brands across multiple niches. She now focuses on the iGaming and sports betting industries.