{"id":4877,"date":"2023-06-16T06:36:53","date_gmt":"2023-06-16T06:36:53","guid":{"rendered":"https:\/\/slategray-wallaby-310340.hostingersite.com\/index.php\/2023\/06\/16\/videoslots-limited-slammed-with-2-million-fine-by-uk-gambling-commission-for-compliance-breaches\/"},"modified":"2023-06-16T06:36:53","modified_gmt":"2023-06-16T06:36:53","slug":"videoslots-limited-slammed-with-2-million-fine-by-uk-gambling-commission-for-compliance-breaches","status":"publish","type":"post","link":"https:\/\/casino-online-best.com\/index.php\/2023\/06\/16\/videoslots-limited-slammed-with-2-million-fine-by-uk-gambling-commission-for-compliance-breaches\/","title":{"rendered":"Videoslots Limited Slammed with \u00a32 Million Fine by UK Gambling Commission for Compliance Breaches"},"content":{"rendered":"<div>\n<p>The UK Gambling Commission fined Videoslots Limited, the Malta-based winner of the prestigious 2023 Online Casino Operator of the Year award, \u00a32 million for failing to follow social responsibility and anti-money laundering (AML) protocols. The penalty is part of the operator\u2019s settlement agreement with the Commission as a result of the Commission\u2019s lengthy investigation into Videoslots\u2019 practices.<\/p>\n<p>Following a thorough review of the gaming platforms videoslots.com, videoslots.co.uk, and mrvegas.com, the Commission discovered significant flaws in Videoslots\u2019 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.<\/p>\n<div class=\"main-org-3-item-ins box-100 relative mb-4\">\n<div class=\"space-org-3-items box-100 relative\">\n<div class=\"box-100 space-org-3-item relative border-tb mt-1 \">\n<div class=\"space-org-3-item-ins box-100 relative\">\n<div class=\"space-org-3-item-logo box-25 relative mb-10\">\n<div class=\"space-org-3-item-logo-ins box-100 text-center relative\">\n<div class=\"space-org-logo-title-box box-100 text-left relative\">\n<div class=\"space-org-3-item-logo-box box-25 relative img-radius\">\n\t\t<a href=\"https:\/\/7bit.partners\/p617d974b\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow noopener\"><br \/>\n\t\t<amp-img alt=\"7Bit Casino\" src=\"https:\/\/igaming.org\/wp-content\/uploads\/2023\/01\/7BitCasino.png\" width=\"50\" height=\"50\" layout=\"fixed\"><br \/>\n\t\t<\/amp-img><br \/>\n\t\t<\/a>\n\t\t<\/div>\n<div class=\"space-org-3-item-logo-title box-25 relative\">\n\t\t<a href=\"https:\/\/7bit.partners\/p617d974b\" title=\"7Bit Casino\" target=\"_blank\" rel=\"nofollow noopener\">7Bit Casino<\/a>\n\t\t<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-terms box-25 relative\">\n<div class=\"space-org-3-item-terms-ins box-100 text-center relative\">\n\t\t<strong>177% up to 5BTC + 77 <strong>\u00a0Free Spins<\/strong>!<\/strong><br \/>\n\t\t<\/p>\n<div class=\"pt-1\">New players only. Exclusive 177% Welcome Bonus  + 77 Free Spins in Aztec Magic Deluxe\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-rating box-25 relative mb-10\">\n<div class=\"rating-box text-center box-100  relative\">\n<div class=\"space-org-3-item-rating-box relative\">\n<div class=\"stars\"><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><\/div>\n<div class=\"space-org-rating-notice relative\">Casino<\/div>\n<\/p><\/div>\n<p>\t\n\t\t\t\t <\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-button box-25 relative\">\n<div class=\"space-org-3-item-button-ins box-100 text-center relative\">\n\t\t\t\t<a href=\"https:\/\/7bit.partners\/p617d974b\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow noopener\">\tVisit Site<\/a>\n\t\t\t<\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>Videoslots Limited is accused of neglecting to identify players exhibiting unsafe behavior, a violation of the operator\u2019s requirement to perform responsible gaming evaluations as soon as possible. In addition, the firm is accused of failing to assess whether users\u2019 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.<\/p>\n<p>In addition to the aforementioned findings, the Commission fined Videoslots \u00a32 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.<\/p>\n<p>The operator\u2019s 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\u2019 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.<\/p>\n<div class=\"main-org-3-item-ins box-100 relative mb-4\">\n<div class=\"space-org-3-items box-100 relative\">\n<div class=\"box-100 space-org-3-item relative border-tb mt-1 \">\n<div class=\"space-org-3-item-ins box-100 relative\">\n<div class=\"space-org-3-item-logo box-25 relative mb-10\">\n<div class=\"space-org-3-item-logo-ins box-100 text-center relative\">\n<div class=\"space-org-logo-title-box box-100 text-left relative\">\n<div class=\"space-org-3-item-logo-box box-25 relative img-radius\">\n\t\t<a href=\"https:\/\/katsubet.partners\/p49d913a1\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow noopener\"><br \/>\n\t\t<amp-img alt=\"Katsubet\" src=\"https:\/\/igaming.org\/wp-content\/uploads\/2023\/01\/Katsubet.png\" width=\"50\" height=\"50\" layout=\"fixed\"><br \/>\n\t\t<\/amp-img><br \/>\n\t\t<\/a>\n\t\t<\/div>\n<div class=\"space-org-3-item-logo-title box-25 relative\">\n\t\t<a href=\"https:\/\/katsubet.partners\/p49d913a1\" title=\"Katsubet\" target=\"_blank\" rel=\"nofollow noopener\">Katsubet<\/a>\n\t\t<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-terms box-25 relative\">\n<div class=\"space-org-3-item-terms-ins box-100 text-center relative\">\n\t\t<strong>5BTC or 111% + 111 Free Spins!<\/strong><br \/>\n\t\t<\/p>\n<div class=\"pt-1\">New players only. Exclusive 111% Welcome Bonus  + 111 Free Spins in Aztec Magic Deluxe\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-rating box-25 relative mb-10\">\n<div class=\"rating-box text-center box-100  relative\">\n<div class=\"space-org-3-item-rating-box relative\">\n<div class=\"stars\"><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><\/div>\n<div class=\"space-org-rating-notice relative\">Casino<\/div>\n<\/p><\/div>\n<p>\t\n\t\t\t\t <\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-button box-25 relative\">\n<div class=\"space-org-3-item-button-ins box-100 text-center relative\">\n\t\t\t\t<a href=\"https:\/\/katsubet.partners\/p49d913a1\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow noopener\">\tVisit Site<\/a>\n\t\t\t<\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>According to the <a href=\"https:\/\/igaming.org\/casino-news\/uk-gambling-commissions-online-game-changes-for-slots-prove-effective-in-mitigating-harm\/\">UK Gambling Commission<\/a>, the \u00a32 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\u2019 platforms, regulatory breakdowns can occur at any time, emphasizing the company\u2019s need to take extreme caution in guaranteeing compliance with online gambling regulations.<\/p>\n<p>The post <a rel=\"nofollow\" href=\"https:\/\/igaming.org\/casino-news\/videoslots-limited-slammed-with-2-million-fine-by-uk-gambling-commission-for-compliance-breaches\/\">Videoslots Limited Slammed with \u00a32 Million Fine by UK Gambling Commission for Compliance Breaches<\/a> appeared first on <a rel=\"nofollow\" href=\"https:\/\/igaming.org\/\">iGaming.org<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The UK Gambling Commission fined Videoslots Limited, the Malta-based winner of the prestigious 2023 Online Casino Operator of the Year award, \u00a32 million for failing to follow social responsibility and anti-money laundering (AML) protocols. The penalty is part of the operator\u2019s settlement agreement with the Commission as a result of the Commission\u2019s lengthy investigation into [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[],"tags":[],"class_list":["post-4877","post","type-post","status-publish","format-standard","hentry"],"blocksy_meta":{"styles_descriptor":{"styles":{"desktop":"","tablet":"","mobile":""},"google_fonts":[],"version":6}},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/posts\/4877","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/comments?post=4877"}],"version-history":[{"count":0,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/posts\/4877\/revisions"}],"wp:attachment":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/media?parent=4877"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/categories?post=4877"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/tags?post=4877"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}