Videoslots agrees to pay £2m for UK regulatory failures

Online casino operator Videoslots has agreed to make a £2 million payment in lieu of a financial penalty after social responsibility and anti-money laundering failures were uncovered during a Gambling Commission investigation.

A regulatory review found failings in the implementation of Videoslots’ processes between October 2019 and February 2022, which were aimed at preventing money laundering and ensuring safer gambling.

Social responsibility failures include not ensuring that 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.

Videoslots also failed to identify whether a customer was at risk of experiencing harm by not considering whether the amount being deposited or lost was appropriate, and allowed customers showing indicators of harm to continue to gamble significant amounts after interactions despite their behaviour continuing.

Anti-Money Laundering (AML) failures include 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, as well as not fulfilling elements of customer due diligence as early as intended in accordance with its own risk-based approach.

The operator also did not have sufficient AML analysts to process the volumes of data or undertake the AML account reviews in accordance with its procedures.

The operator runs the videoslots.com, videoslots.co.uk and mrvegas.com brands in the United Kingdom, and will pay the money as part of a settlement with the Commission.

All £2 million of the settlement will go to socially responsible causes.