Tipwin faces big fine in Denmark for AML violations
Date: 2023-09-04 Author: Kirill Zagoruyko Categories: EVENTS
Gambling operator Tipwin faces a hefty fine in Denmark after a year-long investigation into alleged anti-money laundering (AML) violations. The Danish Gambling Authority, known as Spillemyndigheden, imposed a DKK 100,000 ($14,476) fine.
Denmark regulator escalates case against Tipwin
Trouble began for Tipwin in June 2022 when Spillemyndigheden, the Danish gambling authority, reported the company to the police, alleging serious violations of Danish money laundering law. The investigation revealed that Tipwin had negligently violated two subsections of the law. These rules relate to risk assessment, AML policy and internal control.
Spillemyndigheden's concerns were centered around Tipwin's risk assessment, policy, business process and controls for both land-based and online gambling offerings. Spillemindheden reported Tipwin to the police for failing to address money laundering risks and violating the Money Laundering Act after Tipwin failed to conduct the required risk assessment, provide printed policies for his retail offerings, and fail to establish necessary business procedures and controls. related to money laundering. by the deadlines.
Spillemindheden considered these commitments fundamental and gave Tipwin three months to fix these issues, including training staff on money laundering policies. However, it is worth noting that the training improvement requirement was lifted on September 9, 2022, following certain corrective actions taken by Tipwin.
Spillemyndigheden in Denmark strengthens the fight against money laundering in gambling
In recent years, Spillemyndigheden has increased its focus on combating money laundering in the gambling sector. Tipwin is not the only operator to face AML-related actions, as other companies such as Casumo, Casino Copenhagen, bet365 and Betfair have also faced injunctions in the past year.
The crackdown on AML activities began in July 2022, in line with the new Department of Justice strategy to effectively address these issues.
Danish gambling regulator Spillemyndigheden is hard at work on strengthening player protection and industry sustainability. The regulator tightened controls on deposit limits and bonuses, targeted illegal gambling sites, and even partnered with tech giants like Google and Facebook to crack down on illegal gambling.
Last week alone, Spillemyndigheden blocked 49 illegal gambling sites, bringing the total number of blocked sites in Denmark to 276 since 2012. Now the regulator will increase the frequency of blocking illegal gaming sites, applying these measures twice a year instead of once.
While Spillemyndigheden's efforts set a positive example for other regulators around the world, the complex regulatory environment in Denmark creates challenges for operators, requiring careful documentation and over 750 separate requirements. Third party solutions such as SG:certified have emerged to streamline the regulatory process and help operators in a difficult situation.
Denmark regulator escalates case against Tipwin
Trouble began for Tipwin in June 2022 when Spillemyndigheden, the Danish gambling authority, reported the company to the police, alleging serious violations of Danish money laundering law. The investigation revealed that Tipwin had negligently violated two subsections of the law. These rules relate to risk assessment, AML policy and internal control.
Spillemyndigheden's concerns were centered around Tipwin's risk assessment, policy, business process and controls for both land-based and online gambling offerings. Spillemindheden reported Tipwin to the police for failing to address money laundering risks and violating the Money Laundering Act after Tipwin failed to conduct the required risk assessment, provide printed policies for his retail offerings, and fail to establish necessary business procedures and controls. related to money laundering. by the deadlines.
Spillemindheden considered these commitments fundamental and gave Tipwin three months to fix these issues, including training staff on money laundering policies. However, it is worth noting that the training improvement requirement was lifted on September 9, 2022, following certain corrective actions taken by Tipwin.
Spillemyndigheden in Denmark strengthens the fight against money laundering in gambling
In recent years, Spillemyndigheden has increased its focus on combating money laundering in the gambling sector. Tipwin is not the only operator to face AML-related actions, as other companies such as Casumo, Casino Copenhagen, bet365 and Betfair have also faced injunctions in the past year.
The crackdown on AML activities began in July 2022, in line with the new Department of Justice strategy to effectively address these issues.
Danish gambling regulator Spillemyndigheden is hard at work on strengthening player protection and industry sustainability. The regulator tightened controls on deposit limits and bonuses, targeted illegal gambling sites, and even partnered with tech giants like Google and Facebook to crack down on illegal gambling.
Last week alone, Spillemyndigheden blocked 49 illegal gambling sites, bringing the total number of blocked sites in Denmark to 276 since 2012. Now the regulator will increase the frequency of blocking illegal gaming sites, applying these measures twice a year instead of once.
While Spillemyndigheden's efforts set a positive example for other regulators around the world, the complex regulatory environment in Denmark creates challenges for operators, requiring careful documentation and over 750 separate requirements. Third party solutions such as SG:certified have emerged to streamline the regulatory process and help operators in a difficult situation.
