William Hill seeks injunction against Swedish bank

William Hill has asked the Swedish Financial Supervisory Authority to intervene.
William Hill has asked the Swedish Financial Supervisory Authority to intervene.

The betting operator is taking action against a bank that announced it would stop serving gambling companies.

Sweden.- William Hill is seeking an injunction in Sweden after the bank Skandinaviska Enskilda Banken AB (SEB) said it would stop serving gambling companies due to money laundering concerns.

The British bookmaker has asked the Swedish Financial Supervisory Authority (Finansinspektionen) to intervene in the dispute after the bank said it would cancel corporate banking agreements with gambling operators, including William Hill.

The bank said it had taken the decision because it believed gambling businesses were “more susceptible” to money-laundering than other sectors. 

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The move would block access to BankID and Swish payment options and leave operators facing losses as they seek other options.

William Hill argues that SEB is violating its contract under the provisions of the Swedish Deposit Guarantee Act, which requires banks to work under the Finansinspektionen’s guidance and to provide services once a contract is signed. 

It also said that SEB could be breaking anti-competition regulations since, for now, it seems that only certain operators have been informed that they will lose banking access.

See also: Swedish regulator fines four igaming operators over bonuses

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