Spelinspektionen fines Videoslots SEK9m

Spelinspektionen fines Videoslots SEK9m

Added:
Spelinspektionen fines Videoslots SEK9m

The Spelinspektionen has recently issued a 9 million kronor/762 thousand euro fine to Videoslots for AML and CTF failures.

The regulatory authority’s latest enforcement action originated around two years ago in the fall of 2021, when the Spelinspektionen started supervising the operator’s efforts against various financial crimes like money laundering. This investigation also looked at Videoslots’ player risk management efforts, assessing how the firm ensured it had sufficient information on its users to comply with the Swedish AML and CTF regulations.

The Spelinspektionen recently published the findings of its review, revealing that the company had a few failures in the area of customer information. The regulator had assessed ten of Videoslots’ highest-profile bettors, which found a few cases where players were gambling disproportionately to their income but were not appropriately reviewed by the gambling firm. In the first case highlighted by the regulator, a player spent more than 80 thousand kronor on the pastime at Videoslots in the period between April and December 2020, while they were only able to provide evidence of an income of less than 60 thousand kronor throughout the entire year.

The regulator stated that Videoslots’ risk assessment measures were inadequate, making the business likely to be used by malevolent actors for money laundering or other financial crimes. The Spelinspektionen considered the firm’s failures to be significant enough to warrant a 9 million kronor fine and a warning.

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