FCC Flash

On November 1, 2023, Videoslots Ltd, an online casino founded in 2011 and headquartered in Malta, was fined US$809,300 by the Swedish Gambling Authority (Spelinspektionen) for AML and CTF violations.

To know more, read here https://www.fcctimes.com/2023/11/01/swedish-gaming-authority-issues-sek-9-million-penalty-to-videoslots-ltd-for-money-laundering-and-customer-understanding-shortcomings/

According to Spelinspektionen’s assessment, Videoslots exhibited significant AML/CFT deficiencies:

  • Videoslots failed to maintain current and adequate customer information to proactively assess and mitigate money laundering and terrorist financing risks.
  • Inadequate customer knowledge hindered Videoslots from establishing essential business relationships and effectively overseeing transactions with audited customers.
  • The delayed implementation of enhanced customer awareness measures impeded the evaluation of money laundering risk exposure.
  • Videoslots also failed to adequately document and retain data related to enhanced customer awareness measures, as required by the Money Laundering Act.

Videoslots holds casino licenses in Malta, Great Britain, Denmark, Italy, and Spain.