Key points:
- BOS has introduced a comprehensive AML checklist for online gambling operators
- The checklist provides practical guidelines on compliance, risk management and customer due diligence
- BOS proposes a task force for collaboration between gambling operators and the Financial Police
The Swedish Trade Association for Online Gambling (BOS) has introduced two new initiatives to bolster efforts against money laundering in the gambling industry.
These measures aim to enhance compliance and collaboration within the sector, aligning gambling operators with best practices and regulatory requirements.
The first initiative is an Anti-Money Laundering (AML) checklist. This guide outlines the recommended procedures for online gambling companies operating in Sweden to combat money laundering and terrorist financing.
The checklist includes guidance on conducting risk assessments, implementing customer due diligence (CDD) processes, ensuring proper record-keeping and establishing whistleblowing channels.
It also highlights the importance of staff training and compliance with both Swedish and EU regulations, including upcoming AML laws.
Secondly, BOS collaborated with the consultancy Advisense to produce a report on money laundering risks within the Swedish gambling market.
The report, based on input from BOS member companies, provides actionable recommendations to improve AML practices across the gambling sector.
One key proposal is the creation of a Swedish Anti-Money Laundering Intelligence Task Force, inspired by models in the banking industry, to foster closer cooperation between gambling operators and the Financial Police.
Commenting on the development, Gustaf Hoffstedt, BOS Secretary General, stated: "Today we take this comprehensive approach to the problem of money laundering. The purpose is to make visible how the work against money laundering in the gambling industry can be improved.
“We present our report and checklist completely openly, so that even a gambling company that is not a member of BOS can use the material, if they so wish. We all win from that."
