Videoslots Ltd Receives a Warning and Penalty fee of SEK 9 million for Breaching Money Laundering Act

Strängnäs, Sweden (November 1, 2023) — During the fall of 2021, the Swedish Gaming Authority began supervising Videoslots Ltd’s work regarding money laundering and how they ensure sufficient knowledge of their customers.

The review also covered how Videoslots Ltd manages the customer’s risk profile and takes enhanced customer awareness measures.

According to Spelinspektionen’s assessment, Videoslots Ltd has failed in its work with customer knowledge. They have not taken sufficient measures to be able to assess the risk of their operations being used for money laundering and terrorist financing.

The shortcomings are considered so serious that Videoslots Ltd receives a warning and a penalty fee of SEK 9 million.

The Money Laundering Act

According to the Money Laundering Act, the maximum sanction amount for having failed to comply with the Money Laundering Act is one million euros.

Videoslots Ltd is licensed for commercial online gaming on the videoslots.com website.

Decision: Warning and Penalty Fee, Videoslots Ltd

SOURCE: Spelinspektionen (The Swedish Gaming Authority).