Online Casinos in general: Videoslots and Casumo fined by UKGC (Page 3)

Dbac79 wrote on 12/31/2019 03:28 PM

30 euro on 30 cent play is just 100 spins,

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Arab201 wrote on 12/31/2019 03:34 PM
Yes, 100 times 0.30 cents is 30€. Who the slots do not give wins in between. But there were also times in between wins of 30 to 60 cents. So it was probably 150 spins or something.

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Dbac79 wrote on 12/31/2019 03:35 PM

sometimes you have to spin 1000 times before free spins come though

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Begbie wrote on 11/30/2018 at 13:58: https://totallygaming.com/news/online/casumo-and-videoslots-fall-foul-uk-regulator?utm_source=newsletter&utm_medium=email&utm_campaign=pardot

harmony should read through ^^

gERMAN TRANSLATION:

Videolots and Casumo have been fined in the UK Gambling Commission's crackdown on money laundering and social responsibility checks.
Casumo has been fined £5.85 million for serious failings identified in the Commission's investigation, while Videoslots has agreed to pay £1 million in compensation.
"I hope today's announcement will make all online casino operators take notice, as our investigation has found that a large number of operators and their management are failing to meet their obligations," said UKGC CEO Neil McArthur.
"It is not enough to have policies and procedures in place," he said. "Everyone in a gaming business needs to understand their policies and procedures and take responsibility for ensuring they are properly applied."
The assessment of Casumo's operating practices found a lack of appropriate Risk assessment procedures. It was also found to have failed to conduct due diligence on customers, and therefore did not know where some customers' funds came from, and could not identify signs of Gambling addiction in others.
In addition to his fine, a qualified money laundering reporter must also be appointed to complete annual refresher training alongside his senior management and key staff. Money laundering prevention and social responsibility processes must also be subject to regular external audit.
Videoslots failed to correctly identify the source of customer funds, resulting in a single Deposit of around £211,000 and a loss of around £45,000. Another was able to deposit around £17,405 in stolen money, although his identity was not verified.
In one case, a customer was able to deposit £412,000 without Videoslots intervening at any point.
As a result, key anti-money laundering training must also be conducted each year. In addition, £12,000 was paid towards the Gambling Commission's investigation costs.
The regulator warned that further action was likely. As the ongoing investigation had already fined Stride Gaming's Daub Alderney £7.1 million earlier this month. Nine operators have been warned about their future behavior, and six are still under investigation. Another company, Dr Vegas operator CZ Holdings, surrendered its UKGC license following a review of its business practices.
The regulator has also taken action against individuals, with three personal license holders surrendering their certification, four warned and two sent letters informing them of their future conduct. Three other license holders remain under investigation.
McArthur added, "Everyone in authority needs to know that we don't just go after businesses when we take regulatory action - we will also hold individuals accountable if they are responsible for an operator's mistakes."

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Begbie wrote on 11/30/2018 at 13:58: https://totallygaming.com/news/online/casumo-and-videoslots-fall-foul-uk-regulator?utm_source=newsletter&utm_medium=email&utm_campaign=pardot

harmony should read through ^^

gERMAN TRANSLATION:

Videolots and Casumo have been fined in the UK Gambling Commission's crackdown on money laundering and social responsibility checks.
Casumo has been fined £5.85 million for serious failings identified in the Commission's investigation, while Videoslots has agreed to pay £1 million in compensation.
"I hope today's announcement will make all online casino operators take notice, as our investigation has found that a large number of operators and their management are failing to meet their obligations," said UKGC CEO Neil McArthur.
"It is not enough to have policies and procedures in place," he said. "Everyone in a gaming business needs to understand their policies and procedures and take responsibility for ensuring they are properly applied."
The assessment of Casumo's operating practices found a lack of appropriate Risk assessment procedures. It was also found to have failed to conduct due diligence on customers, and therefore did not know where some customers' funds came from, and could not identify signs of Gambling addiction in others.
In addition to his fine, a qualified money laundering reporter must also be appointed to complete annual refresher training alongside his senior management and key staff. Money laundering prevention and social responsibility processes must also be subject to regular external audit.
Videoslots failed to correctly identify the source of customer funds, resulting in a single Deposit of around £211,000 and a loss of around £45,000. Another was able to deposit around £17,405 in stolen money, although his identity was not verified.
In one case, a customer was able to deposit £412,000 without Videoslots intervening at any point.
As a result, key anti-money laundering training must also be conducted each year. In addition, £12,000 was paid towards the Gambling Commission's investigation costs.
The regulator warned that further action was likely. As the ongoing investigation had already fined Stride Gaming's Daub Alderney £7.1 million earlier this month. Nine operators have been warned about their future behavior, and six are still under investigation. Another company, Dr Vegas operator CZ Holdings, surrendered its UKGC license following a review of its business practices.
The regulator has also taken action against individuals, with three personal license holders surrendering their certification, four warned and two sent letters informing them of their future conduct. Three other license holders remain under investigation.
McArthur added, "Everyone in authority needs to know that we don't just go after businesses when we take regulatory action - we will also hold individuals accountable if they are responsible for an operator's mistakes."

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Catherine2 wrote on 12/31/2019 08:19 AM
You can't make casinos a branch of the FBI's or police. The church and investigative work should stay in the village. This is in large part delegating work that casinos cannot and are not entitled to do. Collecting fines is easier and more lucrative, apparently, than doing your own investigation
M. M

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mk5jas wrote on 31.12.2019 at 07:39: You seem to think that the RTP is based on your balance, but you must be aware that you can easily sink a thousand euros without a win in a slot. There is no guarantee for a win or free spins
As if there are any people sitting down and watching you lose your money, especially with that little bit of change
If you think you're being scammed, stop playing and no one will make fun of you anymore and you won't have to get angry

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Begbie wrote on 12/31/2019 at 10:11 AM
you just caught a day where the RNG didn't provide any significant win for your account.
probably you could have made 10 more deposits, the result would have been similar.

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