Sweden sets new AML reporting system

The gambling regulator from Sweden has announced the creation of a new system to report suspected money laundering and terrorist financing.

Sweden.- Sweden’s gambling industry has been under constant improvements and modifications in the past few months. As part of an attempt to improve its ant money laundering measures, Sweden is set to introduce a new reporting system.

Spelinspektionen, the gambling regulator from Sweden, said that on January 13, 2020, the local market will debut the goAML reporting system. This new method will be used to report suspected money laundering and terrorist financing activity.

The regulator said that the new system, which is provided by the United Nations, will increase the quality of reported material for the Financial authorities.

Moreover, it was revealed that the goAML platform will open its registration option on December 9. Licensees will be able to sign up ahead of the January 13 kick-off date, although registration is subject to approval from the police.

The old reporting portal will be closed on March 1 and licensees will only be able to report through goAML.

Sweden to reduce gaming operator’s punishment

The Administrative Court in Sweden may reduce a penalty fee on Casino Cosmopol. The gaming operator had breached licence conditions related to money laundering and terrorist financing. Nonetheless, regulator Lotteriinspektionen will likely appeal against the ruling.

The regulator in Sweden handed a nearly €750k fine in November, but the Court could reduce it to €277k. Lotteriinspektionen had identified serious and systematic deficiencies in its four venues.