Sweden’s gambling regulatory body, Spelinspektionen, has imposed a fine on Videoslots, citing multiple lapses in anti-money laundering (AML) protocols by the online casino operator.
The authority pointed out that Videoslots had implemented inadequate customer awareness strategies, resulting in various shortcomings related to the preservation of documents and information.
Initially, a penalty of SEK 9 million (approximately £649,000) was imposed on Videoslots. However, following a review that concluded the infractions weren’t systematic, the fine was reduced to SEK 4 million (around £288,000).
Videoslots has held a license since 2018, functioning under the Swedish Gambling Act as an online gambling service provider.
Upon identifying these breaches, Spelinspektionen issued a penalty in alignment with Swedish law. The regulator noted that due to challenges in estimating Videoslots’ profits from the violations, the maximum fine could not exceed SEK 11.8 million or one million Euros.
Thus, the estimate was based on the company’s total net revenue from the year preceding the incidents, which was approximately SEK 401 million.
Considering this financial context, the initial fine was set at SEK 9 million but was later adjusted to SEK 4 million after determining that the AML violation was not a recurring issue.