UKGC Fines Videoslots £2m for Gaming Regulation Failings

Home » UKGC Fines Videoslots £2m for Gaming Regulation Failings


UK Gambling Comission logo on a phone

Videoslots Restricted has to pay a £2m ($2.6m) superb after the UK Playing Fee discovered a number of AML and social accountability failings. [Image:]

Videoslots Restricted should pay a £2m ($2.6m) monetary penalty after the UK Playing Fee (UKGC) took motion on account of numerous anti-money laundering (AML) and social accountability failings. The corporate, which operates quite a few on-line playing platforms, has accepted the regulator’s findings.

not implementing its risk-based processes

One of many fundamental social accountability points was not having a superb system in place to establish prospects who had been displaying dangerous habits. A consumer was capable of deposit and subsequently lose £98,000 ($125,574) in lower than six months regardless of the sum being better than their estimated earnings and financial savings mixed.

Videoslots’ AML points included failing to hold out buyer due diligence on the right occasions, not having sufficient AML analysts on board to correctly course of information, and never implementing its risk-based processes. One buyer was capable of deposit £11,225 ($14,384) regardless of hitting quite a few triggers that necessitated additional motion from AML analysts.

That is the second time that Videoslots has been hit with a superb by the UKGC. In 2018, it needed to pay a £1m ($1.3m) monetary settlement for know-your-customer (KYC) failings. One other aggravating think about the enforcement action was that the failings befell over an intensive time interval – 21 months.


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