The UK Gambling Commission fined Videoslots Limited, the Malta-based winner of the prestigious 2023 Online Casino Operator of the Year award, £2 million for failing to follow social responsibility and anti-money laundering (AML) protocols. The penalty is part of the operator’s settlement agreement with the Commission as a result of the Commission’s lengthy investigation into Videoslots’ practices.
Following a thorough review of the gaming platforms videoslots.com, videoslots.co.uk, and mrvegas.com, the Commission discovered significant flaws in Videoslots’ responsible gaming practices. Furthermore, the operator was discovered to have failed to execute proper risk management and due diligence procedures in regard to its AML operations.
Videoslots Limited is accused of neglecting to identify players exhibiting unsafe behavior, a violation of the operator’s requirement to perform responsible gaming evaluations as soon as possible. In addition, the firm is accused of failing to assess whether users’ deposits and losses exceeded responsible gaming restrictions. Videoslots failed to meet its social responsibility duties by letting individuals to continue gambling considerable amounts above these limitations.
In addition to the aforementioned findings, the Commission fined Videoslots £2 million for failing to follow established anti-money laundering procedures. Delays in implementing timely AML reviews relevant to the sources of gaming funds and the use of risk management procedures are examples of this. Notably, these protocols were implemented at a time when their effectiveness was hampered.
The operator’s AML shortcomings included a lack of early due diligence for customers, which resulted in increased platform activity while ignoring the stated risk-based approach. The root cause of these breaches was highlighted as a lack of resources in Videoslots’ AML analysis team. According to the UK Gambling Commission, such flaws highlight the necessity for the company to prioritize online gaming compliance and designate adequate staff to process data and execute AML assessments in accordance with both internal policy and regulatory standards.
According to the UK Gambling Commission, the £2 million punishment issued on Videoslots Limited would be spent towards socially responsible initiatives. This latest punishment comes after the corporation paid a $10 million fine to the Dutch gaming authority KSA in March for violating Dutch gambling regulations. These occurrences serve as a sharp reminder that, despite the bustling nature of Videoslots’ platforms, regulatory breakdowns can occur at any time, emphasizing the company’s need to take extreme caution in guaranteeing compliance with online gambling regulations.
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