A little over two months after updating its rules covering bonuses and promotional offers and the gaming regulator for Denmark is now reminding locally-licensed iGaming operators of their duties when it comes to helping it to stamp out money laundering and the financing of terrorism.
The Spillemyndigheden regulator used an official filing to publicize a revised list of indicators that licensed online casino and sportsbetting operators should now look out for as they endeavor to stop their domains from being utilized for the purposes of laundering money and financing terrorist groups. The organization declared that this inventory was compiled by Denmark’s Money Laundering Secretariat and ‘includes indicators that in itself or in a combination can indicate money laundering or the financing of terrorism.’
The Danish regulator explained that iGaming firms operate in a high-risk environment and are therefore required to run their enterprises in compliance with the 2018 alterations to the country’s Anti-Money Laundering Act. The watchdog also detailed that such companies must report suspicious transactions as well as any potential infringements to the nation’s anti-money laundering regulator in order to assist Denmark in safeguarding its financial networks.
Read a statement from the Spillemyndigheden…
“The list of indicators is a help for enterprises or persons subject to a reporting duty under the Anti-Money Laundering Act to better identify potential money laundering or the financing of terrorism. The list is meant for inspiration and it is therefore not exhaustive.”
The Spillemyndigheden went on to disclose that iGaming firms must notify the Money Laundering Secretariat of any instances of money laundering even if they cannot identify the specific illicit source of the suspected funds. The regulator asserted that ‘the most important thing is to focus on the unusual [and] the suspicious’ except if these can be instantly and entirely ruled out via ‘closer examination of the circumstances.’
The watchdog furthermore divulged that iGaming operators wishing to help it refine or add to its list of potential money laundering indicators are invited to get in touch with the Money Laundering Secretariat. The regulator proclaimed that such enterprises have ‘unique knowledge’ that can be passed on for use by those ‘enterprises or persons subject to a reporting duty.’
The Spillemyndigheden’s statement read…
“The list has been updated with general indicators of money laundering and financing of terrorism. In addition to this, the indicators are divided into specific groups of enterprises or persons subject to the reporting duty including the gambling industry as well as indicators relevant for everyone subject to the reporting duty. The enterprises or persons subject to a reporting duty must send a report if they cannot dismiss a suspicion of money laundering or financing of terrorism.”