SBC News Voice of the Sports Betting Industry
The Swedish gambling authority, Spelinspektionen, has found Videoslots Ltd guilty of committing AML violations.
According to the regulator, the company had deployed “insufficient” customer awareness measures, leading to various deficiencies when it comes to document and information preservation.
Initial orders entailed that Videoslots must pay a fine of SEK 9m (£649k) in damages, but based on a subsequent review which constituted that the violations were not systematic, the fine was brought down to SEK 4m (£288k).
Videoslots has been a license holder since 2018, operating under the Swedish Gambling Act as a supplier of commercial online gambling.
After uncovering the violations, Spelinspektionen proceeded with the production of a penalty fee in accordance with Swedish law. In the regulator’s words, due to the difficulty of calculating how much Videoslots has profited off the back of the infringement, the sanction could have not exceeded SEK 11.8m, or one million Euros.
Therefore, the estimate was based on the company’s total net turnover for the year prior to when the violations occurred, which was around SEK 401m.
Taking this financial position into account, the penalty fee was initially set at SEK 9m, but as it was previously noted, this sum was later brought down to SEK 4m as the regulator constituted that the AML breach was not a systematic occurrence.
