Videoslots Limited to pay £2m for regulatory failures
15 June 2023
Videoslots Limited will pay £2 million after social responsibility and anti-money laundering failures were uncovered during a Commission investigation.
The operator – which runs videoslots.com, videoslots.co.uk and mrvegas.com – will pay the money as part of a settlement with the Commission.
Social responsibility failures included:
not ensuring that customers displaying risk behaviours were identified as potentially experiencing harm because responsible gambling reviews were not undertaken as early, or as well, as they should have been.
failing to identify whether a customer was at risk of experiencing harm by not considering whether the amount being deposited or lost was appropriate.
allowing customers showing indicators of harm to continue to gamble significant amounts after interactions despite their behaviour continuing.
Anti-Money Laundering (AML) failures included:
not implementing its own risk-based processes appropriately due to significant delays in conducting the required action, such as an AML review or request for source of funds following a trigger in its processes.
not fulfilling elements of customer due diligence as early as intended in accordance with its own risk-based approach.
not having sufficient AML analysts to process the volumes of data or undertake the AML account reviews in accordance with its procedures.
All £2 million of the settlement will go to socially responsible causes.
More details of the failings can be read in public statement.
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Last updated: 15 June 2023
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