Sweden’s Spelinspektionen, or gaming inspectorate, has accepted proposed changes to the country’s Money Laundering Act and a plan to adjust the penalties for infractions.
According to SBC News, the regulator has been called upon to adjust the penalties for operators that breach Sweden’s anti-money laundering (AML) rules. The changes must be in effect by April 1, 2024.
Right now, the gambling inspectorate may only hand down rectification orders for violations that are not serious, repeated or systematic. Under the new rules, Spelinspektionen can revoke the license of operators found guilty of committing serious, repeated or systemic violations.
The changes were sanctioned in September by Finansdepartementet, Sweden’s Ministry of Finance. Finansdepartementet also recommended that the inspectorate devise its new policies with the input of Konsumentverket, Sweden’s Consumer Agency, to “reflect the critical importance of consumer protections.”
According to the Gambling Act of 2018, fines for AML offenses can be up to twice the profit generated from those offenses.
