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Action by UK regulator

I write on behalf of the management of Videoslots with reference to the article titled ‘Two Malta-based gambling firms fined millions by UK regulator’ (December 1).

Videoslots entered into a regulatory settlement with the Gambling Commission of Great Britain and has agreed to make a voluntary payment in lieu of a financial penalty.

A regulatory settlement is distinct from a package of formal sanctions and, as such, the payment is not a fine and is not recorded as a sanction. The payment will go to a national responsible gambling strategy project/s to pay for research and treatment, as determined appropriate, to address the risk of harmful gambling.

The commission’s investigations were part of its widespread and ongoing thematic review into money laundering and responsible gambling compliance in the remote gambling industry.

We are pleased that the Gambling Commission recognises that we were open, transparent and fully cooperative throughout the process.

The company had already started making changes prior to the commission’s review and took proactive and timely action to address weaknesses in how it managed its customers for anti-money laundering and social responsibility purposes.

The weaknesses identified by the commission that formed the basis of this regulatory settlement relate solely to the systems and processes in place within the company to manage customers.

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