This morning the regulator responsible for overseeing the gambling industry in Sweden, Spelinspektionen, have announced that they have issued a warning to the online casino operator LeoVegas, as well as hitting the operator with a sanction penalty of SEK 2 million ( €197,000 ).
The warning and financial penalty arose after Spelinspektionen identified key failings and shortcomings in LeoVegas’ anti money laundering procedures, with the regulator stating that: “Gambling companies must counteract the use of the business to launder money or finance terrorism.”
“LeoVegas has failed in its work on customer knowledge and risk classification of customers and it has failed in the documentation for what measures have been taken. This has entailed significant risks that LeoVegas may have been used for money laundering and terrorist financing, which must be considered serious.”
“The size of the sanction is based on the Money Laundering Act, unlike most other of the Swedish Gaming Inspectorate’s supervisory decisions which are based on the Gambling Act. According to the Money Laundering Act, the ceiling for this type of infringement is EUR 1 million.”
This action taken against LeoVegas is not the first time they have invoked the ire of gambling regulators. Back in February 2018 the UK Gambling Commission fined the operator £600,000 for being found to accept bets from problem gamblers.
Whilst in October 2019 Kansspelautoriteit ( KSA ) the Dutch regulator, fined LeoVegas €350,000, after the KSA found them to be offering games of chance to Dutch consumers.
LeoVegas in response to the action announced today by Spelinspektionen have issued a ‘Press Release’, in which they state the following as a result of the action taken against them by Spelinspektionen: “LeoVegas is continually developing its policies to ensure compliance and had already before today’s decision changed and updated its customer due diligence routines.”
“LeoVegas intends to appeal today’s decision in order to allow a court to review the matter and give the entire industry further guidance on how the current regulation is to be interpreted.”
“LeoVegas has 14 brands and licences in eight separate jurisdictions. Each year the company is subject to numerous audits and reviews by local supervisory authorities and external auditors. Compliance has top priority at LeoVegas and is an area that the company is continually developing in order to meet the requirements that the regulators – but also the company itself – puts on its operations.”
In January this year LeoVegas were unveiled on the shortlist for Best Casino in the Casinomeister Awards for 2020, an award that eventually went to All British Casino.
Established back in 2012 and accredited here on Casinomeister since July 2014, LeoVegas currently offer players in excess of 1,000 slot games and is available to play at in numerous licensed jurisdictions, offering their site in ten languages.