Swedish betting and gaming stakeholders will be invited to participate in a survey around anti-money laundering and terrorist financing this autumn.
The survey has been commissioned by the Swedish Trade Association for Online Gambling, Branschföreningen för Onlinespel (BOS), and will examine how AML and CTF can be strengthened.
BOS’ betting company members will be asked about AML and terrorist financing to gauge what can or needs to be done in response to increased risks. The trade body believes that the use of the internet, smartphones and new platforms for gaming have heightened the AML and CTF risks faced by the regulated betting industry.
Gustaf Hoffstedt, Secretary General of BOS, said: “The gambling market should be a place for joy, entertainment and excitement – and the occasional big win. Criminal activities must be eradicated. Our tolerance for money laundering in the gaming industry is zero.”
Sweden’s gaming market has overseen changes in its AML policies of late. Last year, the country’s Ministry of Finance oversaw changes to the national Money Laundering Act, instructing the gambling regulator to initiate changes.
The Gambling Inspectorate, Spelinspektionen, was told to adjust penalty fees for gaming firms violating AML regulations from 1 April 2024. The regulator now specifies a maximum amount for violations when it enforces the AML provisions of the 2018 Gambling Act.
When announcing the seasonal survey, BOS explained that challenges in online gambling are “reflected in recent sanctions by supervisory authorities focusing on the need for risk assessment, enhanced customer due diligence, adequate controls and monitoring”.
The AML survey will be conducted by Advisense, a Stockholm-headquartered governance, risk and compliance company, and publication of the results is expected later this autumn.
“The AML State of Play survey will be an important step to strengthen the ongoing efforts,” added Christine Enström, Managing Director and Head of Financial Services at Advisense.
“Online gambling is a high-risk industry for money laundering and terrorist financing both internationally and in Sweden. Extensive measures have already been taken since the Swedish gambling industry was regulated in 2019.
“The ability to share collective expertise and exchange experiences from both the gaming and financial industries will be of great significance going forward.”
