Tag Archives: Money Laundering Act

Sweden mulls higher penalties for breaches of Money Laundering Act 

SBC News Sweden mulls higher penalties for breaches of Money Laundering Act 

Sweden’s government is considering a proposal to increase penalty fees for businesses that breach the country’s Money Laundering Act provisions. The Minister of Financial Markets, Niklas Wykman, who oversees policy for the Swedish gambling sector, has put forward the proposal. In a memorandum, the country’s gambling inspectorate, Spelinspektionen, noted that the current arrangement is “unsatisfactory” as “in many cases” violations …

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Casino Cosmopol’s AML penalty lowered by Sweden’s Administrative Court

SBC News Casino Cosmopol's AML penalty lowered by Sweden’s Administrative Court

Sweden’s Administrative Court has confirmed that it will reduce a penalty issued to Casino Cosmopol in 2018 from SEK8m to SEK3m, however national gambling regulator Lotteriinspektionen could appeal against the ruling. The fine, issued in relation to systematic deficiencies in Casino Cosmopol’s policies related to money laundering and terrorist financing in November 2018, were found to have ‘serious and systematic’ …

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