The Swedish gambling authority, Spelinspektionen, has identified Videoslots Ltd as having breached anti-money laundering (AML) regulations.
The authority noted that Videoslots Ltd had implemented inadequate customer awareness strategies, leading to shortcomings in maintaining documents and information.
Initially, it was mandated that the company pay a penalty of SEK 9 million (£649k). However, following a deeper assessment revealing that the breaches were not part of a systematic issue, the fine was reduced to SEK 4 million (£288k).
Videoslots has held a license since 2018, engaging in commercial online gambling under the Swedish Gambling Act.
Upon discovering the infractions, Spelinspektionen levied a penalty fee as per Swedish legislation. They expressed that due to the challenge in quantifying the profits gained from these violations, the sanction might not have gone beyond SEK 11.8 million, equivalent to one million Euros.
The penalty calculation was based on the company’s total net turnover from the year preceding the violations, estimated at approximately SEK 401 million.
Given this financial standing, the initial fine was set at SEK 9 million but later adjusted to SEK 4 million after determining that the AML violation was not a widespread problem.
