The Swedish Gambling Authority Spelinspektionen has fined online gaming company LeoVegas SEK 2 million (€197,051) for breaching customer due diligence regulations. The breach occurred in 2019 during Sweden’s first year of market regulation.
Following an investigation, the regulator has decided to issue a fine and a warning that the operator ensure that no further breaches take place.
According to Spelinspektionen, LeoVegas allowed a customer to deposit almost SEK 500,000 in one month despite the customer having a conviction and known ties to organized crime. The investigation looked into deposits made by 15 customers during 2019 and found that 4 customers’ activity should have been flagged as suspicious with a high risk of money laundering.
In a statement released on the LeoVegas corporate website, the group stated that it had updated its policies since the incidents in question and that it would request the option to appeal the regulator’s decision in a court of law.
Based in London, Natasha is a former sports journalist with experience working for some of the biggest athletes & brands in the world of sports and iGaming.