laundering

Spillemyndigheden Updates Anti-Money Laundering Guidelines

The Danish Gambling Authority, known as Spillemyndigheden, has released a refreshed version of its anti-money laundering (AML) guidance. This update, formulated after extensive consultations with external stakeholders, aims to support gambling operators, their employees, and other relevant parties. It complements the Danish Financial Supervisory Authority’s Guidance on Preventive Measures against Money Laundering and Financing of Terrorism.

New Guidance Incorporates Extensive Revisions

spillemyndigheden_updates_anti_money_laundering_guidance The revised AML guidance includes several key changes, particularly in the areas of risk assessment, policies, procedures, controls, and customer due diligence. These changes reflect both linguistic refinements and substantive updates. To help users navigate the revisions, a version history is now part of the guidance document, detailing specific amendments made.

Additionally, Spillemyndigheden has introduced a new document specifically focused on AML inspections. This document consolidates information that was previously scattered within the AML guidance, offering a comprehensive overview of the inspection process, potential outcomes, and confidentiality issues.

Ongoing Updates and Reporting Requirements

Spillemyndigheden is committed to keeping its anti-money laundering guidance current, ensuring alignment with updates to the Anti-Money Laundering Act, national risk assessments, and best practices in the field.

In other related developments, the authority updated its reporting requirements at the end of last month. These new requirements are set to take effect in 2025, although an exact implementation date has yet to be finalized.

Earlier this year, Spillemyndigheden also issued several orders and reprimands to the gambling operator SkillOnNet for breaches of AML regulations. The company received three orders for AML violations and two additional reprimands related to whistleblowing and business procedures, following an inspection of its compliance materials.

Source: “Spillemyndigheden updates anti-money laundering guidance”. Gambling Insider. June 3, 2024.

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888 Shares Plunge as CEO Walks Amid Middle East Money Laundering Probe

Shares in online gambling giant 888 Holdings [LON: 888] plunged almost 27% in early trading Monday. That’s after the Gibraltar-based company announced CEO Itai Pazner had quit amid an internal review that found deficiencies in its anti-money laundering (AML) program.

In a filing to the London Stock Exchange, 888 said it had chosen to suspend VIP activities in the Middle East, pending the outcome of an internal compliance investigation.

“[…]it has come to light that certain best practices have not been followed in regard to KYC (Know Your Client) and AML (Anti-Money Laundering) processes for 888 VIP customers in the in the Middle East region,” said 888.

“The Board currently estimates that the impact is less than 3% of Group revenues, should the suspensions remain in place. Based on the Board’s current understanding, the process deficiencies identified are isolated to this region only,” it added.

Biggest Single-Day Downswing

Whatever the exact nature of the crisis at 888, investors were spooked, wiping more than a quarter off the value of the company in one morning. It was the biggest single-day downswing in 888’s history.

888 said its current chairman Lord Jonathan Mendelsohn will become executive chair on an interim basis, as the company searches for a replacement for Pazner.

Meanwhile, CFO Yariv Dafna has said he will remain in his role until the end of the year. He had been due to leave at the end of March.

The board and I take the group’s compliance responsibilities incredibly seriously,” Mendelsohn said in a statement. “When we were alerted to issues with some of 888’s VIP customers, the board took decisive actions. We will be uncompromising in our approach to compliance as we build a strong and sustainable business.”

Past Troubles

Pazner held the top role at 888 for four years. Previously, he was COO, and before that he spent six years as VP of the group’s B2C division.

Last year, the UK Gambling Commission fined the company £9.4 million (US$11.6 million) for social responsibility and AML failings. It was one of the highest fines the regulator had ever levied, and it came four and a half years after it had dished out a £7.8 million (US$9.5 million) penalty to 888 for failing to protect vulnerable customers.

Andrew Rhodes, UKGC chief executive, said last year that any future infractions by 888 would give the regulator cause to “seriously consider the suitability of the operator to uphold the licensing objectives and keep gambling safe and crime-free.”

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