The Swedish Gambling Authority (Spelinspektionen) has issued guidelines for online gambling and betting companies. The guidelines discuss the most common risks faced by such gaming companies and explain how online gambling can be used for money-laundering and terrorist financing. They also put forth the obligations of all gaming companies under Sweden’s Money Laundering Act.
The Anti-Money Laundering Act requires all gambling companies to take appropriate risk-based AML/CFT measures. These companies must conduct a thorough risk assessment of their business activities to understand how and to what extent their products and services may be used to launder money or finance terrorism.
Additionally, gambling companies must classify their customers based on associated risks. They need to verify the identities of all new customers. They should also closely monitor the activities and transactions conducted by high-risk customers. Any suspicious activities or attempts must be reported immediately to the Swedish Financial Intelligence Unit. Moreover, companies are obligated to report even after the end of their business relationship with suspicious customers.
