The Danish National Security and Intelligence Service, the Politiets Efterretningstjeneste (PET), has updated its AML risk assessment amidst a series of reforms of the country’s gambling regulation.
Forwarded to betting and gaming stakeholders by the Spillemyndigheden, the Danish gambling regulator, the new national risk assessment seeks to create a clearer distinction between financial threats, vulnerabilities and risks, as well as a better vision of how they intertwine.
Betting companies have been told to incorporate the new risk assessment into their business operations in order to maintain appropriate risk prevention at all times. Operator policies need to be reassessed once a year at least, and reflect any potential regulatory developments.
As with other gambling regulators, the Spillemyndigheden takes operator AML requirements seriously. Last year saw the regulator charge Tipwin DK 100,000 (€15,000) and issue orders to Betfair over AML compliance.
The guidelines are the third iteration of Denmark’s national AML and counter-terrorist financing (CTF) framework. The PET stated that the guidance had been updated following cooperation between national authorities and both public and private sector actors.
This falls in line with one of the objectives of the Danish Ministry of Justice’s national strategy against money laundering and terrorist financing, announced in 2022 with the intention for full adoption of 2025.
Cross-regulatory cooperation was one of the key objectives of the strategy in line with the creation of better risk-based and target inspection efforts. The remaining goals were the development of advanced digital solutions, an increased focus on international cooperation, and tougher approaches against organised crime.
