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The Swedish Trade Association for Online Gambling (BOS) has commented on the proposed changes put forward by the Swedish Ministry of Finance on the Money Laundering Act.
Gustaf Hoffstedt, BOS Secretary General, started off by saying: “We represent around twenty gambling companies active in the Swedish gambling market.
“This makes us Sweden’s largest trade association within our industry. All members have a license/permit issued by Spelinspektionen.”
The changes would see Anti-Money Laundering (AML) violations escalated to the same level as those in the Gambling Act, thus increasing fines.
Hoffstedt continued: “There is no reason to downgrade AML violations along with other violations, on the contrary, these are among the most serious violations that can occur in the gambling market.
“BOS therefore approves the proposal, with the comments below as necessary additions.”
However, Hoffstedt went on to emphasise that while it would be appropriate for the courts to manage the sanction decisions, this could lead to additional problems should the courts favour the gambling companies.
Secondly, BOS also requested that the sanction fees should adhere to the financial stability and credibility of the gambling industry.
Hoffstedt presented the final point on behalf of BOS: “Thirdly, BOS cannot emphasize enough the importance that penalty charges for AML breaches, like breaches of the Gambling Act, should be based on the so-called GGR (Gross Gaming Revenue), i.e. what remains in money after winnings have been paid out to the gambling consumers.
“This is also something that is emphasized in the Ministry of Finance’s memorandum, which we welcome.”
This is because the current penalty fees are based on the total turnover, which has resulted in high fees for companies.
