The Swedish gambling regulator, Spelinspektionen, has announced that it has fined horseracing and betting operator ATG SEK 6 million (€549,024) for anti money laundering (AML) failures.
According to a press release, the Swedish regulator first began supervising and evaluating ATG’s AML processes in late 2021 to ensure that the company was seeking sufficient information from its customers and their source of funds.
During its supervision period, Spelinspektionen found that despite warnings to improve its processes, ATG had failed to sufficiently ascertain the identity of its customers and their source of funds on numerous occasions. The regulator found that these shortcoming were extremely serious in nature and so fined the company and issued a warning about its future behavior.
Earlier this year, the company was fined for a self-exclusion error that left gamblers unable to self exclude through the platform for a period of two weeks.
Spelinspektionen also announced that it has fined Spooniker SEK10.9 million (€997,066) and PinBet SEK2 million (€182,948) for similar AML failings and warned both online gambling operators to update their processes as soon as possible.
Gambling industry journalist with a background in online poker and trading. Covering the regulated U.S Sports industry and the exciting world of online poker.
