UKGC issues £2m fine to Videoslots
The Gambling Commission has recently issued a penalty of 2 million pounds to Videoslots.
The regulator’s latest fine was driven by several of the operator’s AML and responsibility failures, which the commission mentioned took place between 2019’s October and 2022’s February. The commission will be directing Videoslots’ 2 million pound fine toward various social responsibility initiatives.
The UKGC stated that Videoslots’ AML shortcomings included failing to implement its risk assessment processes properly, as its source of funds requests and AML reviews involved sizable delays. The regulator also stated that the firm failed to conduct appropriate player due diligence and that it did not have enough AML analysts on staff to process its AML data and conduct related reviews.
Videoslots’ responsibility failures, on the other hand, included failing to conduct on-time and thorough reviews on players displaying signs of gambling problems, as well as letting these users continue gambling sizable amounts of money after contacting them. The commission also added that the company did not identify its customers’ vulnerability to gambling harms based on their deposit and loss rates.
Back in January, Videoslots added the 9000th game to its catalog, growing its portfolio at pace from its previous milestone of 8000 titles five months prior. You can read more about this here.