The leader of a Swedish gambling trade association has told iNTERGAMINGi that the country’s regulator could go further in assisting licensees with anti-money laundering (AML) obligations.
Earlier this week, the Swedish Gambling Authority revealed updated guidance on AML practices for operators in an effort to provide better clarity.
Ahead of its publication, Gustaf Hoffstedt, the secretary general at BOS, told iNTERGAMINGi that many of its members have concerns about navigating the AML landscape in Sweden because the regulatory framework “often lacks clarity.”
“Even if the operator itself believes it has a well-functioning AML standard within the company, they face a risk of receiving AML fines,” he said.
Speaking to iNTERGAMINGi after Tuesday’s publication of the updated guidance, Hoffstedt insisted there is more Spelinspektionen could do to help operators.
“The SGA itself states that their updated guidance does not constitute a detailed manual for how AML work should be conducted by licensees,” he said.
“I believe that such a detailed manual from the SGA would be of great benefit, both for regulatory compliance – and thereby reducing the risk of further AML violations – as well as for the combat against money laundering itself.
“Therefore, it would be good if the SGA, in addition to this guidance, actually put together such a detailed manual, preferably in cooperation with the industry and law enforcement authorities.”
Hoffstedt said he welcomed the effort from the SGA to provide a clearer AML picture for licensees, but he also called for a “clearer distinction” between AML requirements and requirements for responsible gambling.
“Certainly, AML and RG markers may co-vary, but they are not interchangeable synonyms.”
The BOS secretary general also welcomed the regulator’s promise of an English translation of the guidance.
“We need accurate translations with the authority as the sender to avoid the risk of misinterpretations and mistranslations,” he said.
Camilla Rosenberg, the director general of the Swedish Gambling Authority, said: “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.”
