The UK Gambling Commission says Videoslots is to pay £2m after an investigation found anti money-laundering and social responsibility failures.
The money will be paid as part of a settlement with the regulator and will go socially responsible causes.
The UKGC says Videoslots either did not undertake responsible gambling reviews early enough, or that they were not sufficient, adding that customers that displayed risk behaviours were not identified as potentially experiencing harm.
The regulator says Videoslots failed to identify whether a customer was at risk of experiencing harm by “not considering whether the amount being deposited or lost was appropriate.”
Videoslots’ AML failures, according to the UK regulator, included not fulfilling elements of customer due diligence “as early as intended” in accordance with its own risk-based approach.
The UKGC concluded that its investigation found that Videoslots did not have sufficient AML analysts to process the volumes of data or undertake the AML account reviews in accordance with its procedures.
