Videoslots Limited has to pay a £2m ($2.6m) fine after the UK Gambling Commission found several failings in anti-money laundering and social responsibility. [Image: Shutterstock.com]
Videoslots Limited must pay a £2m ($2.6m) fine after the UK Gambling Commission (UKGC) took action as a result of numerous failures in anti-money laundering (AML) and social responsibility. The company, which operates several online gambling platforms, has accepted the regulator’s findings.
It does not carry out its operations based on risk
One of the major CSR problems has been the lack of a good system for identifying customers who exhibit risky behaviour. The user managed to deposit and then lose £98,000 ($125,574) in less than six months even though the amount is greater than their estimated earnings and savings combined.
Videoslots’ AML issues included failing to carry out customer due diligence at the correct times, not having enough AML analysts on board to properly process data, and not executing its own risk-based operations. A customer managed to deposit £11,225 ($14,384) despite hitting several triggers that necessitated further action from anti-money laundering analysts.
This is the second time the UKGC has fined the videos. In 2018, it had to pay a £1 million ($1.3 million) financial settlement for Know Your Customer (KYC) failures. Another aggravating factor enforcement action Is that the failures occurred over a long period of time – 21 months.