The Spelinspektionen, the official gambling authority in Sweden, has released updated guidance and new risk assessment regarding money laundering (AML) and terrorist financing.
The reason for the Spelinspektionen updating the guidance on money laundering and terrorist financing, as well as the newly introduced risk assessment, comes after an increased number of reports from the European gaming sector to the Financial Intelligence Unit (FIPO).
All of this traces back to May 2024 when the European Gaming and Betting Association (EGBA) supported the new anti-money laundering (AML) package proposed by the European Union.
Camilla Rosenberg, Director General of the Spelinspektionen, said that the gambling industry is the perfect breeding ground for money laundering, which is why the Swedish authority decided to conduct a new risk assessment and revise its guidance on AML.
The gambling industry is a risk area for money laundering, and we have seen a need for further clarification and guidance in this area. We have therefore revised our guidance and are also conducting a new risk assessment.
Consequently, the European Council approved the new anti-money laundering package by the European Union, thus finalizing the new regulator framework of the Union for battling financial crime and similar illegal activities related to the iGaming industry.
The Spelinspektionen worked tirelessly during 2024 on a plethora of issues related to money laundering in order to prepare for the FATF review. Additionally, the Swedish gambling authority also took part in EU workshops, specifically on the latest European Anti-Money Laundering Authority (AMLA), and played a crucial role in the upcoming AML regulation in the Union.
Moreover, in 2024, the Swedish gambling authority also participated in extensive talks to advise on the risks and consequences of money laundering within the iGaming industry, highlighting companies and accounts as one of the primary targets for conducting illegal financial operations.
Consequently, the updated guidance and risk assessment suggested by the Spelinspektionen regarding anti-money laundering has been also supported and assisted by the Swedish Financial Police, the Swedish Economic Crime Authority, and the Swedish Financial Supervisory Authority.
Similar to this and in June 2024, the Spillemyndigheden, the official Danish gambling authority, has also issued an updated version of its guidance on anti-money laundering.
