Spelinspektionen: New Guidance for Working Against Money Laundering and Terrorist Financing

The Swedish gambling authority, Spelinspektionen, has published updated guidance addressing money laundering and terrorist financing, alongside a newly developed risk assessment. This initiative aims to strengthen regulatory oversight and mitigate financial crime risks within the gambling sector.

According to Gambling Insider, this revised guidance follows a reported increase in suspicious activity reports from the gambling industry to the Financial Intelligence Unit (FIPO).

In May 2024, the European Gaming and Betting Association (EGBA) voiced its support for the EU’s Anti-Money Laundering (AML) package, which was later approved by the European Council. This marks a significant step toward strengthening AML regulations across the European Union.

Throughout 2024, Spelinspektionen actively engaged in AML-related efforts, preparing for the Financial Action Task Force (FATF) review. The authority also participated in the EU’s preparatory work on the establishment of the new EU Anti-Money Laundering Authority (AMLA) and the forthcoming EU-wide AML regulations.

In addition to regulatory work, Spelinspektionen provided awareness sessions to industry stakeholders, highlighting the risks associated with money laundering, including the misuse of gambling accounts and businesses for illicit activities.

Spelinspektionen’s anti-money laundering initiatives were carried out in collaboration with the Swedish Financial Supervisory Authority, the Swedish Economic Crime Authority, and the Swedish Financial Police.

Commenting on the updated guidance, Spelinspektionen’s Director General, Camilla Rosenberg, stated:

“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.”

As part of a broader effort to combat financial crime, authorities across Europe have intensified their AML enforcement strategies. For instance, the Danish Gambling Authority, Spillemyndigheden, updated its AML guidance in June to further align with EU standards.

For more details, visit Gambling Insider, the original source of this report.