The Swedish Online Gambling Trade Association BOS has commissioned the consulting firm Advisense to conduct a unique survey among its member companies this fall to strengthen their anti-money laundering and anti-terrorism financing efforts.
The European online gambling market is estimated to be worth 100 billion euros, growing rapidly due to increased internet usage, smartphones, and new gaming and betting platforms. With this growth, new risks have also emerged. Recent regulatory sanctions reflect these challenges, focusing on risk assessment, enhanced customer due diligence, and the necessity for adequate control and monitoring.
"The gambling market should be a place full of joy, entertainment, and excitement, with the occasional big win. Criminal activities must be eradicated. We have zero tolerance for money laundering in the gambling industry. Together with Advisense, we are now focusing on ourselves to determine how to improve our anti-money laundering efforts," said Gustaf Hoffstedt, Secretary General of the Swedish Online Gambling Trade Association BOS.
Christine Enström, Managing Director and Head of Financial Services at Advisense, said: "The current anti-money laundering survey will be an important step in strengthening our efforts. Whether internationally or in Sweden, online gambling is a high-risk industry for money laundering and terrorism financing. Since the regulation of the Swedish gambling industry in 2019, extensive measures have been taken. Being able to share collective expertise and exchange experiences between the gambling and financial industries will be crucial for the future."
BOS will announce the results of the survey by the end of this fall.
The Swedish Online Gambling Trade Association (BOS) represents gambling companies and online game developers targeting Swedish consumers. The association was established in 2012 to represent the gambling industry in Sweden and abroad.
Advisense is a leading professional company in the European market, focusing on governance, risk, and compliance, offering cutting-edge consulting services and technological solutions. Since 2008, Advisense has grown to employ 450 staff, with headquarters in Bergen, Brussels, Copenhagen, Gothenburg, Frankfurt, Helsinki, Malmö, Oslo, Riga, Stockholm, and Vilnius.
