Gambling Operators Must Be Vigilant Against Money Laundering

The Swedish Gambling Authority has emphasized the importance of gambling operators being proactive in identifying and mitigating risks associated with money laundering. In accordance with the authority’s regulations, license holders must demonstrate a high level of diligence when it comes to customer due diligence and the origin of funds.

Identifying High-Risk Customers

Operators are required to conduct thorough checks on customers who:

• Set higher deposit limits
• Gamble large amounts over a 12-month period
• May pose a higher risk of money laundering

Similarly, those who make small deposits may be classified as low-risk, but operators must still monitor their activities closely.

Ongoing Monitoring Crucial

The authority emphasizes the importance of continuous monitoring of business relationships with customers. This includes:

• Regularly reviewing transactions and activities to detect any deviations from expected patterns
• Checking that customer due diligence is up-to-date and accurate
• Taking into account the customer’s risk profile and business activities

If suspicions arise, operators are obligated to report these incidents promptly to the Financial Police. The authority stresses that no evidence of actual money laundering or terrorist financing is necessary for a report to be filed.

Internal Controls and Whistleblowing

The authority also outlines strict requirements for internal controls and whistleblowing systems. Operators must:

• Appoint specially designated officers, central function managers, and independent audit functions to ensure compliance with anti-money laundering regulations
• Establish an anonymous and confidential reporting channel for employees and contractors to report any breaches of these rules

By staying vigilant and proactive in their approach to money laundering prevention, gambling operators can help protect the integrity of the industry and prevent illegal activities from occurring.