The Swedish Gambling Authority (SGA) slapped Spooniker, owned by Kindred Group, with a hefty SEK10m (£778,160) fine due to serious shortcomings in its anti-money laundering (AML) and terrorist financing processes. This follows a previous SEK10.9m penalty after a 2022 inspection revealed Spooniker was not meeting enhanced due diligence requirements.
The SGA’s latest investigation, conducted from May 2023 to April 2024, sought to ascertain if the operator had resolved its AML failings. Unfortunately, the findings were not promising, indicating that Spooniker failed to sufficiently identify the sources of funds, undermining its ability to assess the legitimacy of customer activities.
Key Points
- Spooniker is fined SEK10m due to AML and terrorist financing process failures.
- This fine follows a prior SEK10.9m penalty, highlighting ongoing compliance issues.
- The SGA conducted an investigation from May 2023 to April 2024 to check improvements.
- Spooniker did not adequately identify fund sources, raising red flags about customer transaction legitimacy.
- Despite claiming improvements, the SGA found the operator’s assessments were still lacking.
- Spooniker argued the SGA’s approach is “disproportionate” and burdensome.
- The SGA concluded Spooniker’s delayed enhanced due diligence was a major factor in its decision.
Why should I read this?
This article is a must-read if you’re interested in the gambling industry and AML regulations. Spooniker’s hefty fine signals to all operators the importance of robust compliance measures. Plus, it sheds light on the ongoing issues within the industry regarding money laundering and the regulator’s tough stance. Don’t miss out on discovering what this means for online gaming and betting practices!
