Reports SWEDEN MARKET - ONLINE
small associations arranging local lotteries. Te turnover has increased and the risks are higher.
Te first risk assessment for money laundering for the Swedish market was conducted in 2014 and updated in 2017, and a further assessment update was undertaken last year.
Tis latest update takes into account the European Commission’s published supranational risk assessment.
Te risk assessment aimed to satisfy three objectives:
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To provide information about threats, vulnerabilities and risks in the Swedish gambling market.
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Provide a basis for assessments regarding wholly or partially exempted forms of gambling from requirements in the Money Laundering Act and the provisions in the Gambling Act.
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To provide support in the work of the authority through risk based oversight.
Gambling addiction prevention group,
spelprevention.se, says just over four per cent of the adult population in Sweden have some form of gambling problem. Statistics supplied by Swelog (Swedish Longitudinal Gambling Study) claims 2.9
per cent (236,000 people) have some risk of gambling problems, 0.7 per cent (56,000) have an increased risk and 0.6 per cent (45,000) have gambling problems.
also a daily loss limit of between €0 and €100 for slot machines played via a debit card. Te default limit is €50 per day.
Självtest – this is a self testing offer set up by gaming companies so players can assess their gaming behaviour.
In addition to the new Gambling Act, which came into force in January 2019, a new Money Laundering Act was also introduced following on from the publication of the Swedish Gambling Authority’s last risk assessment back in 2017.
Te SGA under the Gambling Act is responsible for the oversight of the gambling market. Tis work also includes combating illegal gambling and match fixing and preventing the sector from being used for money laundering. Operators must comply with the regulations under the Money Laundering Act 2017:630.
Te risk of gambling being utilised for money laundering is considered to be greatest in terms of commercial online gambling, casino gambling at the state casinos and online and landbased betting. Tis is mostly due to the high level of turnover and number of transactions.
Although in Sweden gambling was previously monopolised, mostly by state and charitable organisations, the new Gambling Act means the market includes state-owned and state-governed groups, international gambling companies and
“Te extent of money laundering through gambling is relatively unknown and not many cases have resulted in convictions. Te aim of this risk assessment is to identify, evaluate and assess the relevant risks on the Swedish gambling market.” Te report said.
Te risk assessment focuses on the risk of licensed operators in Sweden, which are subject to oversight by the SGA and exploited for money laundering. A separate risk assessment is being compiled for those being exploited for financing of terrorism.
Te Coordinating Body for Anti Money Laundering and Countering Financing of Terrorism is made up of 17 members and headed by the Swedish police. Te SGA is one of the members. Tey work in conjunction with Sweden’s Financial Supervisory Authority (Finansinspektionen or FI) to offer advice and consultations to enterprises about the risks via the Anti Money Laundering Act 2017 and Finansinspektionen regulations (FFFS 2017).
Te FI recently proposed amended rules and a change in the application of Swedish banks’ capital requirements to adapt to the EU’s banking package. Te banking package for risk mitigation measures amends the regulatory framework for capital adequacy and management of banks in crisis with the objective of strengthening a banks’ resilience to a crisis.
Te regulatory amendments proposed include changes regarding remuneration systems in credit institutions, management of operational risks and prudential requirements and capital buffers.
NEWSWIRE / INTERACTIVE / MARKET DATA P55
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