The Swedish Trade Association for Online Gambling, Branschföreningen för Onlinespel, has commissioned a survey to strengthen its efforts against money laundering and terrorist financing.
This autumn, consulting firm Advisense will conduct the AML State of Play survey, asking BOS member companies questions on AML and terrorist financing to see what needs to be done in response to the increased risk following the rise of the internet, smartphones and new platforms being used for online gambling.
Gustaf Hoffstedt, Secretary General of BOS, commented: “The gambling market should be a place for joy, entertainment, and excitement – and the occasional big win. Criminal activities must be eradicated. Our tolerance for money laundering in the gaming industry is zero.
“Together with Advisense, we are now setting a spotlight on ourselves to identify how we can improve our work against money laundering.”
BOS highlighted that current challenges in online gambling are “reflected in recent sanctions by supervisory authorities focusing on the need for risk assessment, enhanced customer due diligence, adequate controls and monitoring”.
“The AML State of Play survey will be an important step to strengthen the ongoing efforts,” stated Christine Enström, Managing Director & Head of Financial Services at Advisense.
“Online gambling is a high-risk industry for money laundering and terrorist financing both internationally and in Sweden. Extensive measures have already been taken since the Swedish gambling industry was regulated in 2019.
“The ability to share collective expertise and exchange experiences from both the gaming and financial industries will be of great significance going forward.”
BOS will publish the survey’s results later this autumn.
