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Swedish Gambling Authority Warns of Money Laundering Risks

The Swedish Gaming Authority has emphasized the importance of identifying and addressing money laundering risks in the gambling industry. According to the authority’s regulations and general advice, license holders must take measures to prevent their services from being used for illegal activities.

Indications of Normal Risk

  • The authority considers customers who set higher deposit limits than €2,000 or gamble more than €2,000 over a rolling 12-month period as normal risk.
  • If there are no indications that the customer should be classified as high-risk, they can be considered low-risk.

Monitoring and Reporting

  • License holders must continuously monitor their business relationships with customers to detect deviant transactions and activities.
  • This includes reviewing transactions for consistency with customer due diligence, business profile, and risk assessment.
  • If suspicious activity is detected, license holders must report it promptly to the Financial Police.

Internal Control and Whistleblowing

  • The authority requires license holders to appoint a specially designated officer, central function manager, and establish an independent audit function.
  • Additionally, they must ensure that there is a whistleblower system in place for employees and contractors to report breaches of anti-money laundering rules anonymously.

Financial Police Reporting

  • Under the Money Laundering Act, license holders are obliged to review and report suspicious transactions to the Financial Police.
  • No evidence of money laundering or terrorist financing is necessary to make a report.
  • It is prohibited from disclosing that a report has been made to the customer or any third party.

Conclusion

The Swedish Gaming Authority stresses the importance of implementing effective anti-money laundering measures to prevent illegal activities in the gambling industry. License holders must prioritize monitoring and reporting suspicious activity to ensure compliance with regulations.

Learn More

For more information on money laundering risks and reporting requirements, visit: