Sweden’s gambling regulatory body, the Spelinspektionen, has imposed a penalty on Videoslots for its failure to adequately assess risk and for its violations related to counter-terrorist financing and anti-money laundering regulations.
Videoslots is an authorized iGaming casino in Sweden, operating the videoslots.com website.
The Spelinspektionen initiated an examination of Videoslots’ anti-money laundering procedures in 2021 to ensure the casino possessed a thorough understanding of its users. Unfortunately, the review brought deficiencies that proved the regulatory body’s mistrust that Videoslots was not effectively evaluating its users’ risk management.
The Swedish Gambling Authority mentioned that the violations done by Videoslots are more than serious. In the outcome, Videoslots was hit with a notice and fined SEK 9 million, which is about $810,000, for security malfunction that may have allowed money laundering and Terrorist financing (TF).
According to the Money Laundering Act, the largest penalty allowed is EUR 1 million, which is the highest fine ever levied by the regulating body.