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Videoslots Limited to pay 2m GBP for regulatory failures

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Videoslots will pay a fine imposed by the UK Gambling Commission

Videoslots Limited, the operator behind videoslots.com, videoslots.co.uk, and mrvegas.com, has agreed to pay £2 million (€2.3m or $2.5m) as part of a settlement with the Commission, following the uncovering of social responsibility and anti-money laundering (AML) failures.

Social responsibility

The investigation revealed a number of social responsibility shortcomings, including the failure to promptly identify and address potentially harmful behavior among customers. Responsible gambling reviews were not conducted in a timely or thorough manner, leading to an oversight in recognizing risk behaviors. Additionally, the operator neglected to assess whether the amounts deposited or lost by customers were appropriate indicators of potential harm. Furthermore, despite interacting with customers displaying signs of harm, Videoslots Limited allowed them to continue gambling significant sums.

The Commission’s investigation also highlighted significant AML failures within the company. Videoslots Limited had not implemented its own risk-based processes effectively, resulting in substantial delays in undertaking necessary actions such as AML reviews or requests for the source of funds triggered by its processes.

Moreover, elements of customer due diligence were not conducted as promptly as intended based on the company’s own risk-based approach. Insufficient staffing of AML analysts and a failure to handle the volumes of data adequately contributed to the shortcomings in conducting AML account reviews in accordance with established procedures.

Under the settlement agreement, the entire £2 million will be allocated to socially responsible causes, furthering the Commission’s commitment to promoting responsible gambling and combating money laundering.

Videoslots Limited acknowledges the findings of the Commission’s investigation and is committed to rectifying the identified shortcomings. The operator will implement necessary measures to strengthen its social responsibility and AML protocols, ensuring the protection of its customers and adherence to regulatory requirements.

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