The latest enforcement action has come with warnings and substantial penalties as the regulator zeroes in on more AML breaches
The Swedish Gambling Regulator – Spelinspektionen – has not been idle. The watchdog has undertaken a series of enforcement actions targeting multiple companies in the country over the past weeks, with two new companies named in the latest penalty proceedings.
Swedish Gambling Regulatory Undertakes Flurry of Enforcement Actions
After Roar Vegas Ltd and Glitnor Services Limited were named by the regulator in March, and PokerStars received a penalty just days ago, along with others, the regulator has now named Snabbare Ltd as the latest to have failed to fully comply with the country’s regulations.
According to the regulator, Snabbare Ltd failed to properly assess customers’ activities and transactions, with the company not able to tell if those were legitimate and therefore breaching the established gambling rules in the country.
Specifically, Snabbare Ltd has been ordered to pay a $570,000 (SEK5.5 million) fine, and the regulator has also issued a warning. The regulator also specified that because the violations occurred before the amendment in the country’s Gambling Act, the penalty was less severe in monetary terms.
In the same stride, the regulator issued a statement that named Betsson Nordic Ltd as another company to have faced similar shortcomings when addressing the local market and operating. Once again, the regulator said that the company had failed to identify whether the customers’ transactions were legitimate, nor did it address money-laundering risks.
Regulator Moves Firmly Against Wrongdoers in Sweden
As such, a penalty of $680,000 (SEK6.5 million) was imposed on the company. The violations were once again carried out before changes in the country’s gambling laws, making the penalty applicable in those cases smaller than it could be under the new rules.
In both cases, the authority argued that the penalties were representative of the severity of the transgressions under the applicable legal framework. Whether these penalties stick, though, is another matter altogether.
A Swedish court overturned a massive $10.47 million (SEK100 million) penalty slapped on Svenska Spel in 2024. The penalty has been overturned, and Svenska Spel described the court decision as “gratifying.”
