The Swedish Gaming Authority, known as the Spelinspektionen, has given Videoslots a serious warning. They’ve also fined the company 9 million Swedish Krona (equivalent to $810,000) because Videoslots didn’t do enough to prevent money laundering and financing terrorism.
Videoslots received permission to operate in Sweden on December 4, 2018. However, on November 2, 2021, the Spelinspektionen started looking into whether the site was following the rules stopping money laundering.
The Spelinspektionen asked for information about a player, known as ‘Customer One,’ who started using the site on January 1, 2019. This player put in about 5.5 million Swedish Krona over the year, in over 1,800 sessions. They also took out money frequently. Since the customer couldn’t show how they got the money for gambling, the operator stopped their account on August 1, 2019. They also told the Videoslots Money Laundering Reporting Officer about it.
However, the operator opened the account again on August 20, 2019, for ‘business reasons.’ After checking internally, they decided they didn’t need to keep an eye on the account for any money laundering activities.
There was another case with ‘Customer Two,’ who put in 3.9 million Swedish Krona over two years. However, Videoslots did not look into it.
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