The Swedish Gambling Authority (Spelinspektionen) has fined Videoslots, a Maltese-based gambling service provider, licensed to operate in Sweden, 9m SEK for insufficient know your customer checks following an investigation into their operations.
In 2021, the Authority began an investigation into the companies operations, and how it engaged in checks on its customers, accounting for the Fourth Money Laundering Directive (Directive 2015/849), transposed into Swedish law (2016/17:173). According to the Authority, the company failed to ensure that their services operations did not consider the risk factors that might arise in that their depositing system for handling customers deposits might be used for money laundering and/or terrorist financing purposes.
It its assessment, the Authority examined a range of different individual customers of the company, and established that Videoslots have insufficiently engaged in proactive analysis of its customers in order to be able to assess and counter the risk of the company being used for money laundering and the financing of terrorism.
Notwithstanding the violations that the Authority found, which in its view were serious violations, the Authority nonetheless decided not to revoke the Videoslots license, but instead, issue it with a warning on its future conduct, and issued a 9m SEK fine.
Videoslots, principally established in Malta, is a licensed gambling services provider, and has been providing gambling services in Sweden since 2018.
The decision of the Swedish Gambling Authority (Spelinspektionen) on Videoslots is available here, and may be appealed to the administrative courts of Sweden.