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UKGC Flags Prepaid Voucher Risks in £650k Videoslots Penalty
The post UKGC Flags Prepaid Voucher Risks in £650k Videoslots Penalty appeared first on Vegas Slots Online News. The UK Gambling Commission (UKGC) has fined Videoslots Limited £650,000 ($850,340) for social responsibility and anti-money laundering (AML) failings. The company operates online gambling sites, including Mega Riches, MrVegas, and Videos
The post UKGC Flags Prepaid Voucher Risks in £650k Videoslots Penalty appeared first on Vegas Slots Online News. The UK Gambling Commission (UKGC) has fined Videoslots Limited £650,000 ($850,340) for social responsibility and anti-money laundering (AML) failings. The company operates online gambling sites, including Mega Riches, MrVegas, and Videoslots. In addition to the financial penalty, Videoslots will also receive an official warning and will be subject to a third-party audit to ensure that its processes are brought up to scratch. monitoring systems were found to be ineffective at properly identifying
indicators of harm The company’s customer monitoring systems were found to be ineffective at properly identifying indicators of harm. One specific issue was that the operator automatically set deposit limits for customers that didn’t include their initial account deposit. Its AML failings included procedural gaps and an overreliance on an ineffective customer risk monitoring system. One customer was able to add £75,000 ($98,116) to their account over 16 days using digital prepaid vouchers. They gambled the funds before sending money to four separate bank accounts, and the account was accessed outside the
UK. These are all considered high-risk factors, and Videoslots’ automatic AML risk score didn’t trigger the source of funds check within an acceptable period of time. Talking about the £650,000 ($850,340) penalty, UKGC Director of Enforcement John Pierce particularly focused on the prepaid digital vouchers monitoring, as it is a payment method that “presents operational challenges in terms of effective monitoring.” The regulator has since updated its risk information regarding digital vouchers. The post UKGC Flags Prepaid Voucher Risks in £650k Videoslots Penalty appeared first on Vegas Slots Online News.
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The post UKGC Flags Prepaid Voucher Risks in £650k Videoslots Penalty appeared first on Vegas Slots Online News. The UK Gambling Commission (UKGC) has fined Videoslots Limited £650,000 ($850,340) for social responsibility and anti-money laundering (AML) failings. The company operates online gambling sites, including Mega Riches, MrVegas, and Videoslots. In addition to the financial penalty, Videoslots will also receive an official warning and will be subject to a third-party audit to ensure that its processes are brought up to scratch. monitoring systems were found to be ineffective at properly identifyin
g indicators of harm The company’s customer monitoring systems were found to be ineffective at properly identifying indicators of harm. One specific issue was that the operator automatically set deposit limits for customers that didn’t include their initial account deposit. Its AML failings included procedural gaps and an overreliance on an ineffective customer risk monitoring system. One customer was able to add £75,000 ($98,116) to their account over 16 days using digital prepaid vouchers. They gambled the funds before sending money to four separate bank accounts, and the account was accessed outside th
e UK. These are all considered high-risk factors, and Videoslots’ automatic AML risk score didn’t trigger the source of funds check within an acceptable period of time. Talking about the £650,000 ($850,340) penalty, UKGC Director of Enforcement John Pierce particularly focused on the prepaid digital vouchers monitoring, as it is a payment method that “presents operational challenges in terms of effective monitoring.” The regulator has since updated its risk information regarding digital vouchers. The post UKGC Flags Prepaid Voucher Risks in £650k Videoslots Penalty appeared first on Vegas Slots Online News.