Betsson Nordic Ltd has received a warning and a fine of SEK6.5 million ($682,272) due to shortcomings in its anti-money laundering (AML) practices in Sweden.
Starting May 2, 2024, Spelinspektionen, the Swedish gambling authority, supervised Betsson focusing on its transactions throughout 2023. The regulator examined 10 customers picked from a group of the top 50 depositors aged 18 to 29. From these, Spelinspektionen reviewed customer cards and transaction history and discovered that only two cases displayed no issues. Notably, one customer made 163 deposits totalling SEK491,950 between September 19 and December 30, 2023, although their annual net income was only SEK310,000. The risk associated with this customer was inconsistently rated between low and medium.
Spelinspektionen criticized Betsson for justifying excessive deposits by citing the customers’ prior withdrawals of winnings from bets. The authority stressed that “the deficiencies are both serious and systematic” and concluded that “the sanction fee should be set at SEK6.5 million” in view of the company’s financial position, which it viewed as proportionate to the violations’ severity.
### **Snabbare and Flutter’s TSG also fined for AML mishaps**
Similarly, Snabbare Ltd and The Stars Group (TSG) Interactive, subsidiaries of Flutter Entertainment, faced fines and warnings for AML discrepancies in Sweden. TSG Interactive was fined SEK7 million after it allowed several customers to surpass net deposits of SEK424,514 over a year, which should have prompted thorough customer due diligence and inquiries into the sources of funds.
Spelinspektionen determined that “TSG’s customer due diligence was insufficient” as the company failed to implement necessary due diligence measures timely and, thus, could not adequately assess the risk of money laundering exposure.
Snabbare attracted criticism for accepting deposits exceeding annual incomes, with Spelinspektionen judging the company’s customer knowledge as inadequate and its delayed response heightening the risk of money laundering exploitation.
The authority described the failings of all three operators as “serious and systematic,” resulting in a total of SEK19 million in fines.
### **Busy period for Spelinspektionen**
Recently, Spelinspektionen reprimanded several charity and political organizations running lotteries for inadequate contractor supervision and marketing violations, fining entities like the Swedish Social Democratic Workers’ Party and others a total of SEK3 million.
Additionally, in early May, Spelinspektionen fined Kindred’s subsidiary Spooniker SEK10 million for AML deficiencies. In April, Videoslots faced a SEK12 million fine for failing to prevent excessive gambling.
Spelinspektionen’s active oversight continues into 2025, with Betsson being among the latest companies penalized for AML failings.