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  1. Public register
  2. Regulatory action register
  3. Settlement for Videoslots Limited
Settlement

Videoslots Limited

Account number:
Decision date:
29 November 2018
Outcomes:
Payment in lieu of financial penalty, Divestment, Variation to apply conditions to licence and Commission costs

Details

The Commission carried out an investigation into Videoslots Limited, which identified weaknesses in its anti-money laundering and social responsibility controls.

The investigation found breaches of:

  • Licence condition 12.1.1 (Anti-money laundering)
  • Licence condition 12.1.2 (Anti-money laundering measures for operators based in foreign jurisdictions)
  • Licence condition 1.2.1 (Specified management offices)
  • Licence condition 15.2.1 (Key event reporting)
     

The investigation also found a failure to comply with:

  • social responsibility code provision 3.4.1 (customer interaction).

Videoslots had identified a number of issues and started to implement improvements prior to the compliance assessment. Videoslots acknowledged its shortcomings at an early stage.

In line with our Statement of principle for licensing and regulation, Videoslots has agreed a regulatory settlement consisting of:

  • a payment in lieu of a financial penalty of £1 million which will go to the National Responsible Gambling Strategy project(s) to pay for research and treatment as determined appropriate to address the risk of harmful gambling.
  • the voluntary placing of additional conditions on its operating licence under section 117(1)(b) of the Act.

For more information, please see the Commission's public statement, which can be found on our website.

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