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Heidi Specter October 26, 2019 3 min read
Sweden’s Gambling Regulator to Introduce New AML Measures
- Spelinspektionen will replace the DAR money-laundering system by March 1, 2020
- Operators can start applying as early as December 9, 2019
- Sweden is targeting irregularities and offshore websites as well as potential links to terrorism funding
Sweden’s iGaming watchdog Spelinspektionen is setting up a new anti-money laundering (AML) measure to replace the existing DAR system.
Spelinspektionen to Debut new AML System in 2020
Sweden’s gambling watchdog Spelinspektionen will launch a new anti-money laundering and terrorist financing compliance initiative to help it boost tracking of money in the casino industry in the country.
The new AML measures will come in force on January 13, 2020, a year after Sweden officially launched casinos in the country. As per Spelinspektionen’s new directives, the improved-upon ‘goAML system’ will replace the existing DAR system.
What the regulator wants to achieve is a streamlined process of submitting reports that are accurate, accessible and helpful to the respective authorities using them to track illicit payments and potential terrorist links.
Spelinspektionen will launch the platform a month ahead, allowing companies to start applying for licenses under the revised AML measures as early as December 9, 2019.
Similarly, the system will need to undergo several vetting processes outside the regulator. Swedish will have to give green light for the system, but Spelinspektionen has already confirmed that this will be completed promptly.
To facilitate the transition to the new AML system, the regulator will allow DAR to operate until February 29. Starting on March 1, all casino operators will need to comply with goAML becoming the standard vetting process in the casino business in Sweden.
Spelinspektionen Going after Non-Compliant Casinos
Sweden’s regulator has proven one of the toughest. From the first day, Spelinspektionen has been reminding operators to stay within the parameters of their licenses and not risk venturing into promotional practices that could jeopardize their licenses.
Spelinspektionen has already had to suspend a number of companies, including Ninja Casino owned and operated by Global Gaming as well as GiG’s sportsbook. While most operators have come in the cross-hair of the regulator over advertising policies that were at odds with their license agreements, Ninjas Casino was accused of AML deficiencies and sub-par responsible gambling practices.
In a bid to reclaim lost market share, Global rallied in August 2019 when they launched NanoCasino teaming up with Finnplay Group.
Targeting the Offshore Market
While Spelinspektionen has been busy at home, in September the regulator cautioned payment processors to withhold any payments to companies that don’t hold an official Swedish license.
This was one of the few occasions on which the regulator addressed non-licensed, offshore casinos that have been operating outside Swedish law, and therefore able to offer a number of features that aren’t readily available to licensed operators – such as promotions beyond the sign-up offer for example.
However, as Sweden’s regulator toughens its stance on player protection, these casinos are more likely to be suspended.