Investigation Uncovers Origin of Money in Swedish Gaming Industry
Stockholms, Sweden - A Recent Investigation Reveals Surprising Truth
A recent investigation by the Swedish Gambling Authority has uncovered a surprising truth about the origin of money in the country’s gaming industry. The investigation aimed to shed light on the measures taken by license holders to prevent money laundering and terrorist financing.
Risk Classification and Monitoring
According to the authority’s regulations, customers who deposit more than €2,000 or gamble more than €2,000 over a rolling 12-month period can be considered normal risk. However, license holders must take measures to address the risk of being used for money laundering, such as requesting information on the origin of funds.
On the other hand, customers who make deposits totalling less than €2,000 over a rolling 12-month period are classified as low risk. However, high deposit limits can indicate a higher risk and require closer monitoring.
Continuous Monitoring and Reporting
The investigation highlighted the importance of continuous monitoring of business relationships with customers to detect deviant transactions and activities that may be linked to money laundering or terrorist financing. Under the Money Laundering Act, license holders are obligated to review and report suspicious transactions to the Financial Police.
Internal Control and Whistleblowing Systems
The investigation also shed light on the importance of internal control and whistleblowing systems. License holders must appoint specially designated officers, central function managers, and establish independent audit functions to ensure compliance with anti-money laundering rules.
Furthermore, the authority emphasized the need for a whistleblower system in place, allowing employees and contractors to report internally if the license holder breaches anti-money laundering rules.
Call to Action
The Swedish Gambling Authority has called on all stakeholders to take proactive measures to prevent money laundering and terrorist financing in the gaming industry. The investigation is expected to have far-reaching implications for the industry as a whole.
For more information on reporting suspicious transactions, visit: