SBC News Voice of the Sports Betting Industry
Spillemyndigheden, the Gambling Authority of Denmark, has announced that Tipwin has accepted a fine of DK 100,000 (€15,000) for AML failures found across its business.
The penalty enforcement follows the conclusion of a year-long investigation by the Danish Police into Tipwin’s failures to maintain the rules and standard practices of Denmark’s Anti-Money Laundering Act.
Spillemyndigheden reported Tipwin to the police in June 2022, having deemed its retail business in breach of two Anti-Money Laundering Act subsections related to AML risk assessments, policies, and internal controls.
The authority cited that Tipwin properties had failed to address money laundering risks on customers, in which staff members were not trained to conduct necessary risk assessments.
Further failings saw Tipwin fail to establish required business procedures and AML controls by set deadlines, in which its properties failed to keep customer records as a high-risk business.
Tipwin accepted the fine of €15,000, in which the operator was granted a three-month window to demonstrate to Spillemyndigheden that it has significantly improved its AML controls, including staff training.
Over the past two years, Spillemyndigheden has intensified its monitoring of AML duties on Danish operators. Tipwin’s recent brush with AML-related scrutiny stands out, but it is by no means an isolated incident. Other notable operators such as Casumo, Casino Copenhagen, bet365 and Betfair have similarly encountered regulatory actions over the past 18 months.
Taking action against Tipwin, Spillemyndigheden underscored its unwavering commitment to uphold Denmark’s stringent AML controls over high-risk businesses such as online gambling.
