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The Spillemyndigheden, the Danish Gambling Authority, has issued three orders to Mr Green for breaching the Anti-Money Laundering Act.
Mr Green was also reprimanded by the Authority, as the operator had failed to comply on two separate occasions with the Money Laundering Secretariat.
The first anti-money laundering (AML) failure at Mr Green was due to the business model having no separate risk assessments for payment solutions and delivery channels, which is a requirement of the AML Act in Denmark.
This is because the payment solutions and the channels to payment providers are integral to tracking and combatting money laundering and terrorist financing.
The second issue was because according to an investigation by the Spillemyndigheden, Mr Green “does not have adequate procedures for internal controls, as these do not describe the interval at which controls should be performed”.
As part of the AML Act, companies must have written procedures on how to handle different controls being carried out, to reduce human error and ensure consistency.
The third and final failure noted during this inspection was related to the previous one, in the fact that Mr Green did not have anything in place to prove that any internal controls had been carried out.
Companies need to verify when certain internal controls have been performed, especially when being audited for potential AML failures.
As part of these orders, Mr Green will have to return a risk assessment to the Spillemyndigheden by 10 June, along with a revised business procedure for internal controls and explanations for how the implementation of controls will be monitored.
Additional documentation will be expected by 10 October as proof that certain controls have been performed.
It’s not all regulatory orders, though, as the Spillemyndigheden released its Gambling Market in Numbers 2023 report yesterday, which is filled with various statistics and percentages.
