Videoslots Limited
The UKGC took action against Videoslots Limited, resulting in a regulatory settlement on 15 June 2023. The operator will pay £2 million following a review that found serious failings in its anti-money laundering and social responsibility controls. This action addresses issues that occurred over a period of more than two years.
Summary
Financial Penalty
£2m
What This Means for Consumers
Videoslots Limited remains licensed and can still operate in the UK. However, these findings show past weaknesses in the company's ability to protect customers and prevent financial crime, which is a serious concern.
Full Details
The Gambling Commission announced a Regulatory Settlement with Videoslots Limited on 15 June 2023. As part of the agreement, the operator will make a payment of £2 million in lieu of a formal financial penalty. This action followed a regulatory review that identified compliance failures between October 2019 and February 2022.
The investigation found that Videoslots Limited didn't effectively implement its own procedures. Specifically, it failed to put its anti-money laundering policies into practice (Licence Condition 12.1.1). The operator also breached rules requiring it to identify and interact with customers to minimise the risk of gambling harm (SRCP 3.4.1). A regulatory settlement means the operator has accepted the findings and agreed to the outcome to avoid formal sanctions.
This isn't the only regulatory action on record for Videoslots Limited, which contributes to its low trust score. These repeated compliance issues show a pattern of failing to meet the standards required by the UKGC to protect players.
Key Findings
- Payment of £2 million as part of a regulatory settlement.
- Action taken on 15 June 2023 for failings between October 2019 and February 2022.
- Breaches related to Anti-Money Laundering (AML) and social responsibility controls.
- The operator has a history of other enforcement actions.
Timeline
| Action Date | 15 June 2023 |
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