Tag Archives: AML

UKGC fines Gamesys £6m for deficiencies in customer responsibility and AML duties

SBC News UKGC fines Gamesys £6m for deficiencies in customer responsibility and AML duties

The UK Gambling Commission (UKGC) has issued a £6m penalty against Gamesys following an investigation revealing social responsibility and Anti-Money Laundering (AML) failings. The £6m penalty has been imposed on the business entity Gamesys Operations Limited, the multi-brand operator of 16 websites including Ballycasino.co.uk, Doublebubblebingo.com, Jackpotjoy.com, and Megawayscasino.com. As part of the settlement, Gamesys will have to undertake a “third-party …

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KSA updates AML guidelines with specific requirements on gambling addiction engagements

SBC News KSA updates AML guidelines with specific requirements on gambling addiction engagements

Kansspelautoriteit (KSA), the Gambling Authority of the Netherlands, has published its updated guidelines to help licensed operators (land-based and online) uphold the laws of The Money Laundering and Terrorism Financing (Prevention) Act (WwFT). The legal framework of the WwFT has been applicable as Dutch law since 2008, with the underlying aim to “prevent the financial system from being used for …

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Finnish police enter prosecution stage in illegal gambling and AML case

SBC News Finnish police enter prosecution stage in illegal gambling and AML case

Finland’s Central Criminal Police have been conducting an extensive investigation into money laundering relating to a potential illegal gambling operation in the country. A preliminary investigation launched in 2022 estimated that between 2016 and 2022 several million euros were transacted via the illicit operation, which involved at least three individuals. All three are suspected of ‘aggravated money laundering’, with one …

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Sweden to equalise Gambling fines on AML violations

SBC News Sweden to equalise Gambling fines on AML violations

Finansdepartementet, the Ministry of Finance of Sweden has moved to equalise AML fines and penalties across high-risk Swedish industries.  The decision has been welcomed by Swedish gambling trade association Branschföreningen för Onlinespel (BOS) on the condition that gambling revenue specifics are recognised by authorities. Last Friday, Finansdepartementet published a memorandum which outlined changes to the Money Laundering Act, citing that …

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Malta FIAU fines Glitnor €240k for AML failings 

SBC News Malta FIAU fines Glitnor €240k for AML failings 

The Financial Intelligence Analysis Unit (FIAU) of Malta has ordered Malta MGA licensee Glitnor Group to pay €236,789 for non-compliance with Anti-Money Laundering (AML) rules.  The penalty is related to a compliance review carried out in 2019, and includes a reprimand in line with Regulation 21 of the Prevention of Money Laundering and Funding of Terrorism Regulations (PMLFTR). The FIAU …

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Xace: Why are sports betting affiliates still struggling with payments?

SBC News Xace: Why are sports betting affiliates still struggling with payments?

Despite the importance of affiliates in the sports betting industry, many still struggle to open suitable business bank accounts or receive payments. Elona Attard, Head of Operations at payment solutions provider Xace explains how the company is addressing these challenges via its Premium Affiliate Accounts.  Affiliate businesses are the unsung heroes of the online sports betting industry. From small ‘one …

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Crucial Compliance opens up Isle of Man hub

SBC News Crucial Compliance opens up Isle of Man hub

Crucial Compliance has reaffirmed its commitment to “create a safer gambling environment for everyone” by opening a new office in the Isle of Man.  The move is in response to the growing number of betting and gaming companies setting up shop on the island, many of whom are looking to strengthen their existing player protection offering.  Paul Foster, Co-Founder of …

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Mykola Mashkovskyi: KYCAID is leading the RegTech revolution

SBC News Mykola Mashkovskyi: KYCAID is leading the RegTech revolution

In an industry where regulations are changing constantly, it’s incredibly important that betting and gaming companies remain ahead of the game when it comes to compliance. This is where KYCAID comes in. After partnering with JKR Investment Group back in February, KYCAID is making significant headway in its plans to lead the RegTech revolution with new identity verification technologies. Mykola …

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EU demands enhanced due diligence on transactions with high-risk nations

EGBA 'confident of thorough investigation’ into legacy Dutch lottery licences

The European Union (EU) has warned regulators and trade bodies that businesses and individuals are required to carry out ‘enhanced due diligence measures’ when conducting financial transactions with “high-risk nations”.  The warning follows the European Commission (EC) updating protocols of the “Regulation on High-risk Third Countries” in December 2022. The mandate identifies high-risk third countries which are deemed to have …

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EGBA new guidelines ensure Europe’s fight against financial crime

SBC News EGBA new guidelines ensure Europe’s fight against financial crime

The European Gaming and Betting Association (EGBA) has published its first pan-European guidelines. In support of the online gambling sector’s fight against money laundering, the guidelines aim to reflect the latest technologies and laws while building upon the association’s commitment to responsibility. Reviewed and revised by Europe’s ‘top anti-money laundering (AML) compliance experts’, there is a focus on practical, sector-specific …

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