Spelinspektionen Responds Positively to Proposed Money Laundering Act Changes  

Sweden’s gambling regulator, the Spelinspektionen, has responded positively to recently proposed changes to the Money Laundering Act that would adjust penalty fees for AML violations. However, the authority proposed a different approach for fines that are less serious and unsystematic.

Under the proposed adjustments, the Spelinspektionen must adjust penalty fines for operators that violate the country’s anti-money laundering rules. Starting April 1, 2024, the Spelinspektionen must specify a maximum fine size for violations of the AML laws, in line with the rules outlined in the Gambling Act.

Under these rules, the Spelinspektionen can revoke the license of a regulator that has committed serious, repeated or systematic violations. In the meantime, the Spelinspektionen is limited to issuing a correction order for violations that are not serious, repeated or systematic.

The Spelinspektionen is fairly positive about the changes but noted that the issuing of a correction order might not be an appropriate intervention for certain offenses. As a result, the authority may lack the relevant opportunity to intervene in certain cases.

The Spelinspektionen also noted that since violations of the Money Laundering Act have several alternative ways to calculate the maximum possible penalty, they should be regulated in a separate provision.

In the meantime, the Spelinspektionen welcomed the introduction of a written requirement for telephone sales of gaming services as this would help to protect consumers from harm.

Other Sweden-Related News

In other news, the Swedish government recently proposed the allocation of more money to the Spelinspektionen and Finansinspektionen. Seeking to encourage a collaborative effort between the two regulators in the war on unlicensed gambling, the government allocated more budget to both entities.

Under the proposal, the Spelinspektionen would receive SEK 10.8 million (around $970,000) in 2024, SEK 15.6 million ($1.4 million) in 2025 and SEK 18.5 million ($1.66 million) in 2026. The Finansinspektionen, on the other hand, would receive SEK 4.5 million ($400,000) in 2024.

Earlier this month, the regulator also published information about the Swedish gambling market’s performance in the second quarter of the year, reporting that the authority’s licensees collectively recorded a turnover of SEK 6.7 billion (around $602,000) during the period.

Last month, the Swedish National Audit Office decided to probe into the Spelinspektionen’s work, evaluating the regulator’s actions, strategies, and overall effectiveness.