Spelinspektionen Launches New Anti-Money Laundering Reporting System
Spelinspektionen, the gambling watchdog and regulatory body in Sweden recently announced that it will roll out a new system for gambling operators so that they can quickly report money laundering schemes and terror financing activities.
The reporting system is called goAML which is a new and improved version of the current DAR system that is set to replace down the line.
The regulator confirmed that even when goAML is finally launched, the DAR system will continue to remain operational till the same time next year.
What The New Report System Is About
The new system enables local operators of gambling establishments to report any suspicious activities or attempts at money laundering by individual criminals or criminal organizations. Typically, criminal syndicates use different rackets from drugs, human trafficking and prostitution to make their money and then use gambling establishments to “launder” the money and make it look legitimate.
According to Spelinspektionen, the goAML system should increase the overall quality of reported crime to the Financial Police, among many other intended goals they wish their project to accomplish. Operators who are locally licensed should be able to register for the new report system from December 9, 2019 to January13, 2020.
Operators and gambling companies should still be able to report various entities with the DAR system even after the goAML is rolled out. However, Spelinspektionen says that if one report is submitted through either system, there is no need to submit the same report in another system. DAR won’t be shut down and fully replaced by goAML until March 1, 2020.
goAML Was Launched Due to Crackdown
Spelinspektionen has launched a crackdown on its gambling industry which showed that a number of operators such as Global Gaming had weak anti-laundering policies. The gambling watchdog was unsatisfied with the operator’s policies especially regarding its money laundering practices which led to the suspension of the gaming company’s license.
Global Gaming which operates several gaming brands and is most well-known for its Ninja Casino immediately went to the courts to have the decision revoked, but the court ruled in favor of Spelinspektionen. This is one of the main reasons why the regulator launched goAML to provide companies with a reliable way of reporting money laundering activities.
Spelinspektionen has also ordered payment processors in the country to stop processing transactions of iGaming operators who are not licensed to operate in the country.
Carolyn is our legislation expert, with a background in law she is able to cover the current state of gambling around the world