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Gambling Operators Face Increased Scrutiny Over Money Laundering Concerns
The Swedish Gambling Authority has issued new regulations to combat money laundering and terrorist financing, requiring gambling operators to be more vigilant in their customer due diligence processes.
Enhanced Customer Due Diligence
According to the authority’s guidelines, operators must:
- Be prepared to answer customer questions
- Provide documentation to prove the origin of funds
- Be particularly vigilant for high-risk customers who set higher deposit limits or gamble large amounts over a short period
Ongoing Monitoring and Reporting
The authority has also emphasized the importance of ongoing monitoring of business relationships with customers, including:
- Checking transactions and activities to detect any deviations from expectations
- Reporting suspicious transactions to the Financial Police, even if there is no evidence that money laundering or terrorist financing has actually taken place
Internal Control Measures
Operators are required to have internal control measures in place, including:
- Appointing a specially designated officer responsible for ensuring compliance with anti-money laundering regulations
- Establishing an independent audit function
- Implementing a whistleblower system to allow employees and contractors to report any breaches of the rules anonymously
Consequences of Non-Compliance
The Swedish Gambling Authority has warned that failure to comply with these regulations could result in serious consequences, including:
- License revocation
- Fines
“We take money laundering and terrorist financing very seriously,” said a spokesperson for the authority. “Gambling operators have a critical role to play in preventing these crimes, and we expect them to take all necessary measures to ensure compliance.”
Effective Date and Next Steps
The new regulations come into effect immediately, and operators are advised to review their policies and procedures to ensure they meet the requirements.
Read more about the regulations and reporting suspicious transactions here: