As per the reports, Sweden’s gambling regulator – Spelinspektionen is planning to impose a hefty fine on the companies that breach the anti-money laundering regulations. Spelinspektionen confirmed that it requested the Ministry of Finance to rewrite rules regarding the maximum penalty for violating the Gaming Act.
Last year in November, Svenska Spel was fined by Spelinspektionen for SEK8m (€768k) over serious and systematic AML shortcomings. However, the fine was reduced to SEK3m after company appealed against the fine to the Administrative Court of Linköping. Similar to Svenska Spel, Spelinspektionen imposed hefty fines on Aspire Global and Genesis Global this spring, which were declared too high by the Linkoping court.
At present, the penalty limit is €1m, which Spelinspektionen believes is not sufficient and demands a maximum fine of 10% of a licensee’s turnover in the previous fiscal year.
Recently, Spelinspektionen issued prohibition orders against six unlicensed operators – Alpha Interactive Solutions, Equinox Dynamic N.V, Game Tech Group N.V, Orakum N.V, Topia Solutions N.V and Winners Entertainment Limited, with a total of 38 gambling websites, as they engage in illegal gambling activity in Sweden.
Source – CalvinAyre