Swedish gambling regulator Spelinspektionen wants to replace the current DAR anti-money laundering system by March 1, 2020. It intends to stop irregularities and the proliferation of offshore sites. Also, it wants to prevent potential links to terrorism funding.
The new AML rules will improve the tracking of money in the casino industry. The Swedish gambling regulator will implement the new regulations on January 13, 2020, which is a year after the government allowed casinos in the country.
The goAML system will replace the current DAR system. It streamlines the process of submitting reports and ensures they are accurate, helpful, and accessible to authorities. As a result, it is easier to monitor illegal payments and potential terror links. Becoming a bookie is Sweden requires you to follow all the rules of the gambling regulator. Failure to do so will lead to fines and revocation of licenses.
Reforms by the Swedish Gambling Regulator
Spelinspektionen will launch the new AML system a month earlier to allow companies to begin applying for licenses under the new system starting December 9, 2019. It includes authorizations for new sports betting software. Also, the system will go through various vetting processes outside of the regulator.
Swedes need to greenlight the system. However, the regulator confirmed that they would complete the vetting process fast. To streamline the transition from the old system to the new one, Spelinspektionen will allow DAR to operate until February 29. However, all casino firms must comply with the new process starting March 1. That’s the time when goAML becomes the standard vetting process.
Sweden has one of the most stringent regulators in the world. It reminds casino operators to comply with the rules and regulations of the country. Also, the price per head sportsbook insiders found out that it monitors the promotional practices of the firms.
In recent years, it suspended several gambling firms, including Ninja Casino and GiG’s Sportsbook. The regulator charged Ninja Casino of not following AML regulations and irresponsible gambling practices, according to sportsbook pay per head reports.