Mr Green fined over $3m for failing to adhere to customer wellbeing
Mr Green has been fined SEK 31.5m ($3.62m) by the Swedish Gambling Authority (SGA) for duty of care breaches and anti-money laundering (AML) breaches.
Considering the Money Laundering and Gaming Responsibility Acts, Mr Green was seen to have “not taken sufficient measures to help customers reduce their gambling” and “failed in its work with customer knowledge” to adhere to money laundering risks.
Mr Green has received a warning alongside penalty fees for falling foul of money laundering and gambling liability rules. These shortcomings have been considered serious enough for two warnings to be issued, combined with penalty fees.
The Money Laundering Act states that the maximum penalty amount for breaching compliance is £1m ($1.17m); however, the Gaming Act allows a larger amount in penalty fees – which is calculated based on the gaming company’s turnover.
These repercussions for Mr Green were costly. In terms of Gaming Responsibility, the licensee must protect players against excessive gambling and help them reduce their gambling when there is reason to do so.
Given the concern that the operator doesn’t adhere to helping its customers reduce their gambling, therefore decreasing irresponsible play, Mr Green has received a warning and penalty fee of over SEK 30m.
The Money Laundering Act prevents gaming companies from being used for money laundering or financial terrorism.
It is a duty the gaming industry must comply with by identifying its customers. Mr Green failed to take necessary measures working with customer knowledge, and thus was given a warning and fined a further penalty fee of SEK 1.5m.
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