Spillemyndigheden Revises AML and CFT Guidance

The Danish Gambling Authority (Spillemyndigheden) announced that it has published a revised version of its Guidance on the Prevention of Money Laundering and Financing of Terrorism.

The updated guidance, the regulator said, is meant to supplement the Danish Financial Supervisory Authority’s (Finanstilsynet’s) Guidance on the Act on Preventive Measures against Money Laundering and Financing of Terrorism.

According to the Spillemyndigheden, the revised version of the document outlines a number of measures operators and other relevant gambling industry stakeholders should adopt in order to prevent money laundering and the financing of terrorism.

The latest version of the guidance was consulted with several external stakeholders prior to its publication. The Spillemyndigheden used the opportunity to thank everyone who participated in this consultation process.

What Has Changed?

The Danish regulator explained that it has made linguistic adjustments throughout the AML guide, as well as changes to several sections, covering a range of topics, including risk assessment, policies, procedures and controls, and customer due diligence.

According to the Spillemyndigheden, the update has included more examples to make the rules clearer.

The AML Guidance will be updated regularly in line with changes to Denmark’s AML Act. The regulator promised to announce updates on its website.

Spillemyndigheden Published AML Inspections Guidance

The regulator added that the consultations have also resulted in the publication of a new guidance on the Spillemyndigheden’s AML Inspections. The authority explained that the content of this guidance is not new and has previously been mentioned in the AML Guidance.

The Spillemyndigheden added that the Guidance on AML Inspections contains information about the regulator’s inspections, including what confidentiality and response options interested parties have.

The Spillemyndigheden explained that the release of the Guidance on AML Inspections marks a separation of the authority’s responsibilities from the obligations that gambling operators must fulfill under the AML Act.

In other news, the Danish regulator recently released new industry data, highlighting a noteworthy increase in spending on gambling. In February, gambling spend on iGaming, gaming machines, land-based casinos and betting, skyrocketed to $83.8 million. This figure represented a significant increase of 18.3% year-on-year.