Videoslots receives warning and sanction fee from Swedish Gambling Authority

(PRESS RELEASE) -- In the autumn of 2021, the Swedish Gambling Authority initiated supervision of Videoslots Ltd's work on money laundering and how they ensure sufficient knowledge of their customers. The review also covered how Videoslots Ltd manages the customer's risk profile and takes enhanced due diligence measures.

According to the Swedish Gambling Authority's assessment, Videoslots Ltd has failed in its work with customer due diligence. They have not taken sufficient measures to assess the risk of their activities being used for money laundering and terrorist financing. The deficiencies are considered to be so serious that Videoslots Ltd receives a warning and an administrative fine of SEK 9 million.

The Money Laundering Act
According to the Anti-Money Laundering Act, the maximum sanction for non-compliance with the Anti-Money Laundering Act is one million euros.