Betsson Nordic Ltd has been issued a warning and a hefty fine of SEK6.5 million ($682,272) for inadequacies in its anti-money laundering (AML) protocols in Sweden.
The Swedish Gambling Authority, Spelinspektionen, initiated scrutiny of Betsson starting May 2, 2024, concentrating on reviewing transactions and player activities from the year prior. The investigation particularly focused on 10 customers among the top 50 depositors, aged between 18 and 29.
During the review of customer cards and transaction histories for these 10 individuals, it was found that eight exhibited various deficiencies. A key example was a customer who made 163 deposits totaling SEK491,950 from September 19 to December 30, 2023, despite having an annual net income of SEK310,000. This person’s risk level was inaccurately assessed as only between low and medium.
Betsson justified the high deposit activities by referring to the players’ previous withdrawals of winnings. However, the regulator identified these lapses as both severe and systematic. Spelinspektionen deemed the fine of SEK6.5 million appropriate, noting, “Considering the company’s financial position, we assess that the sanction fee should be set at SEK6.5 million.”
“The sanction fee is proportionate to the seriousness of the violation,” the authority further stated.
**Snabbare and Flutter’s TSG also fined for AML mishaps**
In related actions, Snabbare Ltd and The Stars Group (TSG) Interactive, part of Flutter Entertainment, also faced fines for AML compliance failures in Sweden. TSG Interactive was fined SEK7 million, whereas Snabbare received a SEK5.5 million penalty.
TSG Interactive allowed several customers to surpass net deposits of SEK424,514 over a 365-day period, necessitating increased due diligence and verification checks, which were inadequately handled. Spelinspektionen criticized TSG Interactive for its insufficient customer due diligence and tardy implementation of necessary measures, failing to properly evaluate the risks of money laundering exposure.
Snabbare was reprimanded for accepting deposits that significantly exceeded players’ annual incomes, thus lacking enough knowledge about their customers and increasing the risk of exploitation for money laundering.
The regulator emphasized that the violations by all three operators were “serious and systematic,” resulting in a total of SEK19 million in fines.
**Busy period for Spelinspektionen**
Recently, Spelinspektionen issued fines to various charities and political organizations managing lotteries for poor oversight of contractors and marketing infractions. Penalties were levied against organizations such as the Swedish Social Democratic Workers’ Party, the Swedish Social Democratic Youth League, and the Swedish Social Democratic Women’s League, totaling SEK3 million.
Earlier in May, Spelinspektionen fined Kindred’s subsidiary Spooniker SEK10 million for AML breaches, and Videoslots faced a SEK12 million penalty in April for failures in addressing excessive gambling practices.
This intense flurry of enforcement in 2025 marks a notably active period for Spelinspektionen, with Betsson among the prominent firms reprimanded for AML shortcomings.