island with swedish flag

The Swedish Trade Association for Online Gambling (BOS) has responded to proposed changes to the Money Laundering Act by the Swedish Ministry of Finance. BOS Secretary General, Gustaf Hoffstedt, highlighted that they represent Sweden’s largest trade association within the gambling industry, consisting of around twenty licensed gambling companies. The proposed changes aim to elevate Anti-Money Laundering (AML) violations to the same level as those in the Gambling Act, thereby increasing fines. Hoffstedt supports this proposal, emphasizing the severity of AML violations in the gambling market. However, he also raises concerns about the potential for biased sanction decisions and requests that sanction fees align with the financial stability and credibility of the industry. BOS further stresses the importance of basing penalty charges for AML breaches on Gross Gaming Revenue (GGR) rather than total turnover to prevent excessively high fees for companies.

Leave a Reply

Interested in our Solutions?

    Interested in our Domains?