New Swedish AML procedure as LeoVegas emphasises relief

Swedish regulator Spelinspektionen is to introduce new anti-money laundering protocols, with numerous penalty packages for such offences issued in recent months.

Most recently Sweden’s Administrative Court in Linköping has reversed a decision made by the country’s regulator last year which saw Casino Cosmopol issued a SEK 8m ($880,000) penalty.

The land-based subsidiary of state-owned Svenska Spel, whose portfolio stretches to the cities of Sundsvall, Malmö, Gothenburg and Stockholm, received the penalty fee for what the Spelinspektionen stressed as violations in its efforts to combat money laundering.

Stressing that “work has been underway for a long time to introduce a new IT system for reporting suspected money laundering or terrorist financing,” goAML is set to be open for reporting and the old one, DAR, to subsequently be closed down.

Between January 13 – February 29, 2020, both DAR and goAML will be open, with the operators themselves choosing which date during the period that they will be reverting. Once started in goAML, reports should not be submitted via DAR.

Tailored to support the financial intelligence operations at both operational and strategic levels, which it is hoped will result in a stronger analytical ability and more efficient working methods.

In a media release regarding the impending introduction, the regulator stressed: “In goAML there is a clear and predetermined structure for how suspicious transactions should be reported and what information should accompany objects such as persons and companies. 

“There are two different ways to report, either manually or by uploading an XML file. However, it is the same requirement for the structure regardless of the reporting method. All communication between the financial police and the operators will take place in goAML’s portal.”

Earlier this year, LeoVegas triumphed in a battle to secure a Swedish licence for the maximum five-year period, after the Administrative Court in Linköping overturned the Spelinspektionen’s prior decision to award a two-year term. 

Addressing the extended period, Gustaf Hagman, group CEO, stated:”It feels great and right that we got our license extended to five years. Following our efforts within compliance and experience from other regulated markets, the decision from the Administrative Court is an affirmation that we conduct a professional and responsible operation. 

“The extended license gives us confidence in the Swedish licensing system and the Swedish market where we continue to take market shares. We see that several smaller players have already left the Swedish market and at the same time marketing has declined since the turn of the year.”