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Videoslots Limited to Pay £2 Million for Social Responsibility and AML Breaches

Videoslots Limited to Pay £2 Million for Social Responsibility and AML Breaches

Posted on: Jun 15, 2023. Last Updated on: Jul 04, 2023.

Author: Contributors

Videoslots Limited to Pay £2 Million for Regulatory Breaches

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Videoslots Limited, the operator behind popular online platforms such as videoslots.com, videoslots.co.uk, and mrvegas.com, has agreed to pay £2 million following regulatory breaches. This decision is a result of social responsibility and anti-money laundering (AML) failures uncovered during an investigation by the UK Gambling Commission.

The settlement reached between Videoslots, and the Commission reflects the operator's acknowledgment of the identified failures and its commitment to rectifying the issues. The sum will be directed towards supporting socially responsible causes as part of the operator's efforts to contribute positively to the gambling industry.

The investigation revealed several social responsibility failures on the part of Videoslots Limited. One such failure was the operator's failure to promptly identify customers displaying risky behaviors and potential harm.

Responsible gambling reviews were not conducted as early or as effectively as they should have been, leaving vulnerable customers without the necessary interventions. Additionally, Videoslots Limited neglected to assess whether the amounts deposited or lost by customers were appropriate, potentially allowing individuals at risk of harm to continue gambling unchecked.

In terms of anti-money laundering protocols, the investigation uncovered serious shortcomings in Videoslots Limited's procedures. The operator failed to implement its own risk-based processes adequately, resulting in significant delays in crucial actions such as conducting AML reviews or requesting proof of funds following triggers within their systems.

Furthermore, the operator did not fulfill elements of customer due diligence in a timely manner, in line with their own risk-based approach. Insufficient resources, including an inadequate number of AML analysts, led to backlogs in processing data and conducting AML account reviews according to the operator's established procedures.

The £2 million settlement serves as a reminder to operators about the importance of upholding robust social responsibility and AML practices. The funds allocated to socially responsible causes will contribute to initiatives aimed at addressing the potential harms associated with gambling.

The UK Gambling Commission's public statement provides more detailed information on the specific failings uncovered during the investigation. Videoslots Limited has expressed its commitment to rectify these issues promptly and effectively to ensure compliance with regulatory requirements moving forward.

The regulatory action against Videoslots Limited highlights the Commission's dedication to protecting consumers and maintaining the integrity of the gambling industry. It serves as a stern reminder to all operators that adherence to social responsibility and AML regulations is of utmost importance, and any breaches will be met with severe consequences.

Moving forward, it is expected that Videoslots Limited will take decisive measures to enhance its social responsibility measures and bolster its AML procedures. By doing so, the operator can demonstrate its commitment to the well-being of its customers and contribute positively to the broader gambling ecosystem.