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Videoslots Limited To Pay £2m For Regulatory Failures

Videoslots Limited To Pay £2m For Regulatory Failures

Videoslots Limited, an online gambling operator, has reached a settlement with the Commission after investigations revealed failures in social responsibility and anti-money laundering (AML) measures. The company has agreed to pay £2 million, which will be directed towards socially responsible causes.

The social responsibility failures identified include a lack of responsible gambling reviews for customers displaying risk behaviors, failure to assess whether the amounts being deposited or lost were appropriate, and allowing customers showing signs of harm to continue gambling significant amounts.

In terms of AML failures, Videoslots Limited did not implement its own risk-based processes effectively, experienced delays in conducting required actions following AML triggers, and lacked sufficient AML analysts to process data and conduct necessary account reviews.

Videoslots Limited has acknowledged the breaches and weaknesses in its policies and procedures. As part of the settlement, the company will divest £494,841.98, pay £11,308.00 towards investigative costs, and make a payment in lieu of a financial penalty of £1,505,158.02, which will be directed towards socially responsible causes.

The Commission's investigation highlighted the need for gambling operators to prioritize industry learning and ensure staff are adequately trained on money laundering and terrorist financing laws. Additionally, operators should assess the resilience of their AML and social responsibility functions.

The Commission considered aggravating factors such as the potential impact on customers and the similarity to previous cases, while mitigating factors included the Licensee's efforts to rectify the breaches and their cooperation during the investigation. The Licensee also faced operational challenges due to the COVID-19 pandemic.

This settlement serves as a reminder for the gambling industry to maintain robust social responsibility and AML measures, learn from past cases, and prioritize the well-being of customers.


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