Denmark’s gambling authority Spillemyndigheden has revealed that sports betting provider Tipwin has agreed to pay DK 100,000 (€15,000) over AML failings.
The penalty comes after a lengthy investigation by Danish authorities into Tipwin’s operations, having found that the business failed to comply with the country’s Anti-Money Laundering Act.
Investigations were launched after Spillemyndigheden tipped the police off about Tipwin in June 2022 after alleging that the retail business was in breach of certain requirements affecting AML assessment, policies, and internal controls.
According to the watchdog, Tipwin has failed to train its staff properly in order to flag down AML breaches once they appear.
After accepting to pay the fine of €15,000, Tipwin was given three months to provide evidence to Spillemyndigheden that it has improved its AML measures in place.
The latest follows an intensified campaign by Spillemyndigheden to further tighten the monitoring of AML duties among Danish operators. Other notable incidents include regulatory scrutiny of operators like Casumo, Casino Copenhagen, bet365 and Betfair over the last 18 months.
With Tipwin being the latest case, Spillemyndigheden has expressed that it remains committed to protecting Denmark’s AML regulatory framework by strengthening its control over high-risk ventures like gaming.