Tipwin has been reported to the Danish police for breaching several sections of the Nordic country’s Anti-Money Laundering Act.
The Danish Gaming Authority (DGA) has notified the police of violations related to Tipwin’s local land-based offer.
According to the DGA, Tipwin did not prepare a risk assessment regarding its sale of land-based betting products until 16 May this year.
By failing to prepare an assessment, the regulator said, Tipwin was unable to properly gauge the extent to which it was at risk “of being abused for purposes of money laundering or financing of terrorism.”
Furthermore, Tipwin lacked adequate business procedures and supervision concerning the provision of its land-based gambling products.
“Preparation of a risk assessment of the business’ business model is a fundamental means to mitigate the risk of money laundering of criminal proceeds,” said the DGA.
It added: “By neglecting to prepare a risk assessment, policies and sufficient business procedures for their provision of land-based gambling products, Tipwin has exposed itself to a significant risk of being abused for purposes of money laundering.”
Consequently, the case has been turned over to the police for investigation. Tipwin has also received an order from the DGA regarding its provision of land-based gambling. Besides the aforementioned issues, this also concerns staff training.
A further order has also been issued regarding Tipwin’s online casino and betting offer. The latter concerns notifications to the Money Laundering Secretariat.
The DGA has given Tipwin three months to “correct the matters concerning risk assessment, business procedures and the obligation to train staff.”