Mr Green, an igaming and online casino platform, has been informed by the Danish Gambling Authority to review its internal anti-money laundering practices.
The regulator, Spillemyndigheden, found Mr Green to exhibit “insufficient” business risk practices when it pertained to complying with local AML rules.
This comes in the form of lacking separate risk assessments for each individual aspect like the use of payment solutions, which is required under the AML Act to prevent money laundering and terrorist financing.
The ruling is in connection with the Danish Gambling Authority’s inspection of Mr Green materials that it has provided for compliance with the AML Act.
Another shortcoming is the absence of planned time intervals for the assessment and management of internal controls, with “not written procedures” of how these tasks should be carried out.
Therefore, there is also missing documentation that establishes any systematic reviews of relevant risk assessment performances – something required by AML regulations.
Spillemyndigheden has also reprimanded the 888-owned firm over the lack of communication that the above shortcomings have taken place, which falls under the AML Act’s notification obligations.
As a result, Mr Green has been given a deadline to submit a revised risk assessment and a revised procedure for internal controls by 10 June 2024, together with all relevant documentation proving the implementation of corrections to the above failures by 10 October.
