Videoslots accepts £2 million regulatory settlement

Less than three months after its last fine, Videoslots, again, finds itself in hot water.

Today, the U.K. Gambling Commission announced that the operator, which runs videoslots.com, videoslots.co.uk and mrvegas.com, will pay £2 million for social responsibility and anti-money laundering failures following an investigation by the Commission.

The social responsibility failures found during the investigation are as follows:

• Did not ensure that customers displaying risk behaviors were identified as potentially experiencing harm because responsible gambling reviews were not undertaken as early, or as well, as they should have been


• Failed to identify whether a customer was at risk of experiencing harm by not considering whether the amount being deposited or lost was appropriate


• Allowed customers showing indicators of harm to continue to gamble significant amounts after interactions despite their behavior continuing

The anti-money laundering failures found during the investigation are as follows:

• Did not implement 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


• Did not fulfill elements of customer due diligence as early as intended in accordance with its own risk-based approach.


• Did not have sufficient AML analysts to process the volumes of data or undertake the AML account reviews in accordance with its procedures

A regulatory settlement penalty package of £2,000,000 has been agreed, which consists of the following elements:

• A payment in lieu of a financial penalty of £1,505,158.02 which will be directed towards socially responsible causes
• Divestment of £494,841.98
• Agreement to the publication of a statement of facts by the Commission
• Payment of £11,308.00 towards our investigative costs

This all comes on the heels of Videoslots’ record €9,874,000 fine in March by the Dutch Gaming Commission for violating the Dutch Gaming Act. The Kansspelautoriteit (Ksa) felt the largest fine in history was warranted after discovering that a Ksa official had unlawfully accessed the Videoslots site. Videoslots denies the allegation and has objected to the fine.