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Swedish Gambling Authority Issues Guidance on Anti-Money Laundering Measures
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The Swedish Gambling Authority has released new guidance on anti-money laundering measures for license holders in the country’s gambling industry. The guidelines aim to help prevent money laundering and terrorist financing, ensuring a safe and secure gaming environment for players.
Preventing Money Laundering
According to the authority, license holders must take appropriate measures to address the risk of being used for money laundering if they detect any suspicious transactions or activities. This includes:
- Requesting information on the origin of funds
- Monitoring business relationships with customers
Classifying Customers as High, Normal, or Low-Risk
The guidelines also outline the criteria for classifying customers as high, normal, or low-risk. Customers who set higher deposit limits than €2,000 or gamble more than €2,000 within a 12-month period are considered normal risk. Those who make deposits totaling less than €2,000 over the same period are classified as low-risk.
Monitoring and Reporting Suspicious Transactions
License holders must remain vigilant and monitor business relationships with customers to detect any potential money laundering activities. This includes:
- Checking transactions against customer due diligence
- Business profiles
- Origin of financial resources
The authority also emphasizes the importance of continuous monitoring and reporting suspicious transactions to the Financial Police. License holders are obligated to report such transactions promptly, even if no evidence of money laundering or terrorist financing has occurred.
Internal Control and Whistleblowing Systems
In addition to anti-money laundering measures, the guidelines highlight the importance of internal control and whistleblowing systems. License holders must:
- Appoint specially designated officers
- Establish an independent audit function
- Ensure that employees and contractors have a dedicated channel for reporting breaches of anti-money laundering rules
Conclusion
The Swedish Gambling Authority’s guidance aims to provide license holders with the necessary tools to prevent money laundering and terrorist financing in the country’s gambling industry. The authority encourages all stakeholders to familiarize themselves with the guidelines and take proactive steps to ensure a safe and secure gaming environment.
Source: Swedish Gambling Authority, “Guidance Anti-Money Laundering nr:1 202112”