Denmark Directs Mr Green to Upgrade AML Measures
Expertise: iGaming, Online casinos
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Gambling operator Mr Green has received three injunctions from the Danish Gambling Authority, the Spillemyndigheden, for violating Denmark’s Money Laundering Act.
According to Spillemyndigheden, there are three points of contention regarding Mr. Green and its operations in Denmark. These include a lack of separate risk assessment, flawed or missing business processes, and insufficient documentation for checks.
Mr Green is also being prosecuted for another issue pertaining to anti-money laundering processes.
Three Areas of Concern
The first area of concern is that the “flawed” risk assessment violates Section 7 of the Money Laundering Act. This section mandates operators’ risk assessments to include a separate evaluation of risks associated with individual payment methods and distribution channels.
The AML or Anti-Money Laundering Act requires risk assessments to mitigate the risks of money laundering and terrorist financing.
On the second injunction, the regulator stated that the existing systems at Mr. Green do not specify the frequency of internal control measures.
Additionally, the regulator highlighted that Mr. Green lacks documented business procedures determining how checks should be conducted. This is a breach of Section 8 of the Act, which requires companies to have adequate written business procedures featuring internal controls.
“The requirement for internal control also implies that a check must be carried out as to whether the controls are carried out – i.e. that a control is carried out with the controls. Mr Green has not sufficiently complied with business process obligations for controls.” Spillemyndigheden stated.
Regarding the final junction, Mr. Green allegedly failed to record information about checks or internal controls. As per the regulator, the operator breached Section 8 of the Act, which states that companies must maintain records of conducted checks.
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In addition to the injunctions, Spillemyndigheden will also be prosecuting Mr Green for the alleged breach of Section 26 of the Act.
The section makes it compulsory for companies to promptly report any suspicions of money laundering or terrorist financing to the Money Laundering Secretariat. Having failed to comply with the obligations regarding notifications, the regulator confirmed that the operator will be charged.
However, Mr Green has been instructed to submit a revised risk assessment and updated internal control procedures by June 10, 2024.
Additionally, the operator must submit relevant documentation to show evidence of conducted checks by October 10.
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