Betsson Nordic Ltd has been issued with a warning and a fine of SEK6.5 million ($682,272) for deficiencies in its anti-money laundering (AML) efforts in Sweden.
On May 2, 2024, Spelinspektionen began its supervision of Betsson, focusing primarily on transactions and activities that occurred throughout 2023. The regulator reviewed 10 customers from the top 50 youthful clients aged 18 to 29 based on the largest total deposits.
After requesting and examining customer cards and transaction histories for these 10 players, Spelinspektionen found that only two cases showed no deficiencies.
In one notable instance among the eight deficient cases, a customer deposited SEK491,950 across 163 transactions from September 19 to December 30, 2023, despite having a net annual income of SEK310,000. This customer’s risk level was inappropriately assessed as between low and medium.
Betsson justified deposits surpassing player incomes by citing previous withdrawals of winnings, a reasoning that did not satisfy the regulator. Spelinspektionen described these deficiencies as “both serious and systematic,” leading to the decision to impose a SEK6.5 million sanction fee based on Betsson’s financial standing and the gravity of the violations. The fee was deemed proportionate to the severity of the offenses.
**Snabbare and Flutter’s TSG also fined for AML mishaps**
Snabbare Ltd and The Stars Group (TSG) Interactive also faced fines and warnings for their AML shortcomings in Sweden.
TSG Interactive, owned by Flutter Entertainment, received a SEK7 million fine. Investigations revealed multiple instances where TSG customers exceeded net deposits of SEK424,514 in a 365-day period, which should have prompted enhanced customer due diligence and sourcing funds information. Spelinspektionen criticized TSG for insufficient customer due diligence and inadequate timely enhanced measures, hindering proper risk assessment against money laundering exposure.
Snabbare faced a SEK5.5 million sanction for accepting deposits exceeding players’ annual incomes and for poor knowledge of their customers. This resulted in increased risks of exploitation for money laundering, according to the regulator.
The AML failings of Betsson, Snabbare, and TSG were categorized by Spelinspektionen as “serious and systematic,” culminating in a combined total of SEK19 million in fines.
**Busy period for Spelinspektionen**
The regulatory activities of Spelinspektionen have been particularly intense. Recently, they fined several charity and political organizations operating lotteries for inadequate control over contractors and marketing violations, imposing SEK3 million in penalties on organizations including the Swedish Social Democratic Workers’ Party, the Swedish Social Democratic Youth League, and the Swedish Social Democratic Women’s League.
Earlier, in May, Kindred’s subsidiary Spooniker was fined SEK10 million for AML deficiencies, and in April, Videoslots faced a SEK12 million penalty for failing to counteract excessive gambling.
2025 continues to be a rigorous year for Spelinspektionen, with Betsson among the trio of operators sanctioned for AML deficiencies.