UKGC Fines Videoslots £2m for Gaming Regulation Failings

Videoslots Limited must pay a £2m ($2.6m) financial penalty after the UK Gambling Commission (UKGC) took action as a result of various anti-money laundering (AML) and social responsibility failings. The company, which operates numerous online gambling platforms, has accepted the regulator’s findings.

not implementing its risk-based processes

One of the main social responsibility issues was not having a good system in place to identify customers who were displaying risky behavior. A user was able to deposit and subsequently lose £98,000 ($125,574) in less than six months despite the sum being greater than their estimated earnings and savings combined.

Videoslots’ AML issues included failing to carry out customer due diligence at the correct times, not having enough AML analysts on board to properly process data, and not implementing its risk-based processes. One customer was able to deposit £11,225 ($14,384) despite hitting numerous triggers that necessitated further action from AML analysts.

This is the second time that Videoslots has been hit with a fine by the UKGC. In 2018, it had to pay a £1m ($1.3m) financial settlement for know-your-customer (KYC) failings. Another aggravating factor in the enforcement action was that the failings took place over an extensive time period – 21 months.

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• Source: https://www.vegasslotsonline.com/news/2023/06/18/videoslots-fined-2m-by-the-ukgc-for-failing-to-properly-protect-players/