Spelinspektionen, the Swedish Gambling Authority, has developed and published a new, comprehensive risk assessment for money laundering within the Swedish gambling market.
The updated assessment, which replaces all previous versions, introduces revised methodologies and a significant re-evaluation of the risks associated with different forms of gambling, particularly land-based casinos.
The new framework features several key updates designed to better reflect the current landscape. The regulator has revised its definitions of “threats”, the various approaches criminals use to exploit licensed operators for money laundering.
The assessment of “vulnerabilities” within different gaming forms has also been updated to provide a more accurate picture of potential risks.
Furthermore, the overall methodology for the risk assessment by the Spelinspektionen has been harmonized to align with the national risk assessment from Sweden’s Coordination Function for Measures Against Money Laundering and the supranational assessment published by the European Commission.
The most significant change in the revised assessment is the reclassification of the risk level for land-based commercial casino gaming.
Spelinspektionen had previously assessed this sector as having a “low risk” of being used for money laundering, which resulted in exemptions from certain provisions of the Money Laundering and Gambling Acts. However, in its new assessment, the authority has concluded that the risk is no longer low.
As a direct consequence of this re-evaluation, Spelinspektionen has initiated regulatory work to review the existing exemptions for land-based casinos.
This review will focus on requirements related to the application of money laundering regulations, as well as the registration of players and agents.
The regulator has confirmed that a forthcoming consultation will provide an opportunity for interested parties to submit comments on the proposed regulatory changes, signaling a potential tightening of anti-money laundering controls for Sweden’s land-based casino sector.
