Swedish gambling industry criticizes regulator
Sweden's online gambling trade association BOS has called on Spelinspektionen to change its approach to sanctions and anti-money laundering (AML) supervision. The association pointed to the more proportionate, system-focused methods used by other Swedish authorities.
The Swedish Online Gambling Trade Association BOS has argued that Spelinspektionen, the country's gambling regulator, should review how it works. The association said the regulator could learn from the approaches of authorities in finance, education and local government.
The BOS report focuses most on sanctions policy. According to the association, the Swedish Financial Supervisory Authority and the Stockholm County Administrative Board set sanction fees in the lower percentages of the available range. The association says this practice makes penalties more proportionate to turnover and the seriousness of the breach.
The association also wants a system-focused approach to anti-money laundering supervision. Under this approach, supervision would examine a company's overall risk assessment, governance and procedures rather than individual file errors. BOS claims current practice does not take operators' risk models into account and presents an incomplete picture of their overall risk management.
According to the association, 11 of 12 decisions based on the 2021 anti-money laundering law rested on small samples of only five to 15 customer files, without considering the company's overall risk assessment.
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