The Swedish Gambling Authority (SGA) has granted a five-year extension to Videoslots, allowing the operator to continue its operations until the end of 2028.
Videoslots has been active in Sweden's regulated market since its inception in 2019, operating both its flagship brand and the more recent addition, Mr. Vegas.
This extension comes amidst past compliance issues for Videoslots. Recently, the SGA imposed a penalty of SEK 9m ($810,000) due to failures related to anti-money laundering (AML) protocols.
The penalty was a result of investigations that uncovered vulnerabilities in Videoslots' monitoring of customer activities. Multiple cases, including instances involving 'Customer One', 'Customer Two' and 'Customer Three,' highlighted inadequacies in scrutinising significant deposits and withdrawals, raising concerns regarding AML compliance.
Ulle Skottling, Deputy CEO at Videoslots, said: “We remain strong in business and compliance and we welcome the SGA's recognition and ongoing confidence in our practices. The decision supports our plans for 2024.”
The SGA's enforcement actions align with ongoing efforts to combat illegal gambling in Sweden, as outlined in the Spelinspektionen's recent interim report focusing on reducing illicit gambling activities within the country.
Another incident in June 2023 involved the operator agreeing to a £2m settlement with the UK's Gambling Commission, following findings of social responsibility and AML lapses. The Commission highlighted multiple failures in identifying potential harm to customers and delays in implementing risk-based processes.
