Spelinspektionen will replace the DAR money-laundering system by March 1,2020Operators can start applying as early as December 9, 2019Sweden is targeting irregularities and offshore websites as well aspotential links to terrorism funding
Sweden’s iGamingwatchdog Spelinspektionen is setting up a new anti-money laundering (AML) measureto replace the existing DAR system.
Spelinspektionen to Debut new AML System in 2020
Sweden’sgambling watchdog Spelinspektionen will launch a new anti-moneylaundering and terrorist financing compliance initiative to help it boosttracking of money in the casino industry in the country.
The new AMLmeasures will come in force on January 13, 2020, a yearafter Sweden officially launched casinos in the country. As per Spelinspektionen’snew directives, the improved-upon ‘goAML system’ will replace theexisting DAR system.
What theregulator wants to achieve is a streamlined process of submitting reports thatare accurate, accessible and helpful to the respective authorities using themto track illicit payments and potential terrorist links.
Spelinspektionenwill launch the platform a month ahead, allowing companies to start applyingfor licenses under the revised AML measures as early as December 9,2019.
Similarly,the system will need to undergo several vetting processes outside theregulator. Swedish will have to give green light for the system, but Spelinspektionenhas already confirmed that this will be completed promptly.
To facilitatethe transition to the new AML system, the regulator will allow DAR to operateuntil February 29. Starting on March 1, all casino operatorswill need to comply with goAML becoming the standard vetting process in thecasino 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 7BALL 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 toreclaim lost market share, Global rallied in August 2019 whenthey launched NanoCasino teaming up with Finnplay Group.
Targeting the Offshore Market
WhileSpelinspektionen has been busy at home, in September the regulator cautionedpayment processors to withhold any payments to companies that don’t hold anofficial Swedish license.
This was oneof the few occasions on which the regulator addressed non-licensed, offshorecasinos that have been operating outside Swedish law, and therefore ableto offer a number of features that aren’t readily available to licensedoperators – such as promotions beyond the sign-up offer for example.
However, asSweden’s regulator toughens its stance on player protection, these casinos aremore likely to be suspended.
