Sweden’s playing regulatory physique, the Spelinspektionen, has imposed a penalty on Videoslots for its failure to adequately assess threat and for its violations associated to counter-terrorist financing and anti-money laundering rules.
Videoslots is a licensed iGaming on line casino in Sweden, working the videoslots.com web site.
The Spelinspektionen initiated an examination of Videoslots’ anti-money laundering procedures in 2021 to make sure the on line casino possessed a radical understanding of its customers. Sadly, the overview introduced deficiencies that proved the regulatory physique’s distrust that Videoslots was not successfully evaluating its customers’ threat administration.
The Swedish Playing Authority talked about that the violations achieved by Videoslots are greater than critical. Within the final result, Videoslots was hit with a discover and fined SEK 9 million, which is about $810,000, for safety malfunction which will have allowed cash laundering and Terrorist financing (TF).
In accordance with the Cash Laundering Act, the biggest penalty allowed is EUR 1 million, which is the best fantastic ever levied by the regulating physique.
