Swedish court overturns fine against ATG
The Swedish gambling regulator had fined ATG €500,000 for AML deficiencies.
Sweden.- The Administrative Court in Linköping has overturned a SEK6m (€500,000) fine issued by the Swedish gambling regulator Spelinspektionen against AB Trav och Galopp (ATG). The racing betting operator had appealed against the size of the fine, which was issued due to anti-money laundering deficiencies.
The offences in question date back to between 2019 and 2021. Spelinspektionen found a number of failings including in relation to interactions on eight customer accounts. However, ATG argued that it had carried out appropriate risk-based actions.
While the Administrative Court agreed with the gambling regulator that ATG had been deficient in its AML actions, it ruled that the failings were not sufficiently grave to justify a warning and fine. The regulator has three weeks within which it can appeal.
ATG CEO, Hasse Lord Skarplöth, said the decision raises concerns about Spelinspektionen’s approach. He said: “The decision raises a number of bigger questions. Spelinspektionen has requested to raise the limit for sanction fees to over ten million kronor in future cases.
“Spelinspektionen’s strategy differs from the rest of the regulatory world. More time should be spent on supporting rather than punishing the actors within the licence system, and resources should be spent on defending the Swedish licenced market and pursuing unlicensed gaming companies.”
ATG’s new chairman
Last month, ATG announced that Peter Norman has been named as its new chairman. He replaces Bo Netz who spent 12 years on the board, the last five as chairman. Netz has now left the board.
Norman has served as Sweden’s minister for financial markets, as chief executive of the Seventh AP Fund and as director of the Riksbank. He is currently the chairman of the board at Oscar Properties Holding and the Royal Academy of Music and is a member of Nasdaq Stockholm.
ATG’s full-year revenue for 2022 came in at SEK6.04bn, down by 1.2 per cent year-on-year. It comprised SEK5.22bn in net gaming revenue (down 0.6 per cent), SEK234m in agency income and SEK584bn in other income.
