In January of this year, the UK Gambling Commission informed Casumo that they were going to review their operating licence. Later in the year, in May, it was decided that the case would be referred to the Regulatory Panel.
The findings were that Casumo had breached various licencing conditions around anti-money laundering (AML) and social responsibility and as such, they have been fined £5.85 million!
However, it wasn’t just Casumo that have recently been fined, Videoslots also found themselves £1 million lighter and not because someone had won big at their site.
This follows on from the fine levied against Daub (Alderney) Ltd worth £7.1million. In total, the three companies have been fined nearly £14 million because they have fallen short in putting effective safeguards in place.
CZ Holdings, responsible for Dr Vegas casino, lost its licence earlier in the year for similar failings.
Casumo Services Ltd Review
The full review for Casumo can be read here and looks at all the areas in which the casino had come up short in their responsibilities and policies.
However, working with the UK Gambling Commission meant that they were able to keep their licence after making the required changes.
Videoslots Ltd Review
Details of the review for Videoslots Ltd can be found on the link above but failings that stood out for us was that a customer deposited more that £211,000 and lost £45,000.
Videoslots carried out checks but did not establish the source of the customer’s income.
Additionally another customer was able to deposit £6,000 in funds in one day despite having failed identity checks. In total the same customer was able to deposit £17,405 into the account having registered multiple fraudulent bank cards at the site.
Another player deposited £412,000 in the period between April 2016 and January 2017 and in that time there had been no interaction between the site and the customer.
Gambling operators really need to be on the ball now because the financial implications for failings are massive!