The Swedish Trade Association for Online Gambling (BOS) has launched two new initiatives to strengthen efforts against money laundering in the gambling industry.
These measures are designed to enhance compliance and collaboration within the industry, ensuring that gambling operators adhere to best practices and regulatory requirements.
The first initiative is an Anti-Money Laundering (AML) checklist. This guide outlines recommended procedures for combating money laundering and terrorist financing for online gambling companies operating in Sweden.
The checklist includes conducting risk assessments, implementing Customer Due Diligence (CDD) processes, ensuring proper record-keeping, and establishing reporting channels.
It also emphasizes the importance of staff training and compliance with Swedish and EU regulations (including the upcoming Anti-Money Laundering Act).
Secondly, BOS has collaborated with the consulting firm Advisense to release a report on money laundering risks in the Swedish gambling market.
Based on the opinions of BOS member companies, the report provides actionable recommendations to improve anti-money laundering practices across the gambling industry.
A key proposal is the establishment of a Swedish Anti-Money Laundering Intelligence Task Force, modeled after the banking sector, to foster closer cooperation between gambling operators and financial police.
In response to these developments, the Secretary-General of the Gambling Industry Regulatory Authority, Gustaf Hoffstedt, stated: "Today, we are taking these comprehensive measures to address the issue of money laundering. The goal is to show how we can improve anti-money laundering work in the gambling industry."
"We are making our reports and checklists completely available to the public, so that even gambling companies that are not members of BOS can use these materials, as long as they are willing. We all benefit from this."
