The Danish Gambling Authority, the Spillemyndigheden, has ordered Malta-based igaming operator Mr Green Ltd to re-evaluate its internal controls after failing to comply with local AML rules. A review by the regulator has concluded that Mr Green exhibits “insufficient” business risk practices. This comes in the form of lacking separate risk assessments for each individual aspect like the use of …
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Stakeholders in the Bulgarian gambling market will take part in a new initiative against AML/CTF alongside Bulgaria’s National Revenue Agency (NRA) and the State Agency for National Security. The NRA is Bulgaria’s regulatory body that exercises control over the operator licensing process and taxation, with the news being shared during a general meeting organised by Director General Rumen Spetsov. The …
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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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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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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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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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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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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 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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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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