Videoslots to pay £2m settlement following Gambling Commission investigation
Videoslots has agreed to pay a £2m ($2.5m) settlement to the Gambling Commission after the UK regulator found it guilty of social responsibility and anti-money laundering failures.
The Commission investigated the operator – which runs videoslots.com, videoslots.co.uk and mrvegas.com – finding that it was guilty of social responsibility failures, such as: ‘Not ensuring 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.’
Furthermore, Videoslots’ anti-money laundering regulatory 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.’
The news comes shortly after William Hill agreed to pay a record £19.2m settlement to the Gambling Commission for “alarming,” and “widespread” social responsibility and anti-money laundering failings.
In a statement, Gambling Commission Chief Executive Andrew Rhodes said of the punitive action: “When we launched this investigation, the failings we uncovered were so widespread and alarming, serious consideration was given to licence suspension.”
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