Swedish gambling authority updates guidance to combat financial crime in gambling

February 5, 2025

Swedish gambling authority updates guidance to combat financial crime in gambling

The Swedish Gambling Authority, Spelinspektionen, has further advanced the fight against money laundering and terrorist financing by publishing new guidance and a risk assessment. This action follows the increasing awareness of financial crime in the gambling sector and an increase in reports to the Financial Intelligence Unit (FIPO).

New guidance of Spelinspektionen and risk assessment

Spelinspektionen oversees the Swedish gambling industry, ensuring operators act according to law and regulation. The latest update seeks to define regulatory expectations while helping operators identify and mitigate financial crime risks. The newly introduced risk assessment highlights vulnerable areas in the context of money laundering and introduces compliance measures. It includes recent collaboration efforts with national and international financial authorities.

Spelinspektionen har tagit fram en ny vägledning för arbete mot penningtvätt och finansiering av terrorism.https://t.co/jH5FRSxEtW
— Spelinspektionen (@lagligtspel) February 4, 2025

The gambling sector has become a hotbed for illicit financial activities, with bad actors exploiting online and land-based casinos for money laundering. Reports to FIPO have surged, prompting the need for stricter regulations.

Moreover, Sweden is aligning its policies with the broader anti-money laundering framework of the European Union. The updated guidelines have received mixed reactions from gambling operators. Most support stronger financial crime prevention measures, but some raise concerns over compliance costs and operational challenges.

Collaboration with other authorities

The European Gaming and Betting Association (EGBA) has publicly backed the EU’s new AML package, which provides a solid framework for combating financial crime. This package strengthens collaboration among European regulators and increases transparency in the gambling industry.

To enhance its regulatory efforts and effectively crack down on illicit financial activities in gambling, Spelinspektionen collaborates closely with the Swedish Financial Supervisory Authority, the Swedish Economic Crime Authority, and the Swedish Financial Police.

Sweden is preparing for an assessment by the Financial Action Task Force (FATF), a global watchdog on financial crime. The review will evaluate Sweden’s efforts to combat money laundering, and the gambling industry will play a crucial role in meeting FATF standards.

Spelinspektionen Director General Camilla Rosenberg stated, “The gambling industry is a risk area for money laundering, and we have seen a need for further clarification and guidance. Therefore, we have revised our guidance and are conducting a new risk assessment.”

Talks and awareness efforts by Spelinspektionen

Throughout 2024, Spelinspektionen has interactively engaged stakeholders with awareness campaigns and public talks that emphasise the dangers of money laundering and strengthen compliance measures.

For compliance, gambling operators will need to continuously review risks, increase their customer due diligence procedures, monitor transactions for suspicious activity, and promptly report any cases to FIPO.