888 Receives Warning over Anti Money Laundering Process in Denmark
by Glenn Baird - December 4, 2019
Spillemyndigheden, the gambling regulator in Denmark, has spoken to 888 about their money laundering requirements and make it clear that they expect improvements if the online giants are to continue trading in the country.
It has been revealed that 888 have failed to meet the requirements set out in the Danish national Money Laundering Act, something that has not gone unnoticed by the regulator.
Spillemyndigheden claim that 888 has not complied with Section 25 of Act on two instances. The rule states that all operators “must implement appropriate written rules governing their approach to recording, record keeping, risk assessments and communications for employees, in order to prevent money laundering and the funding of terrorism.”
In one instance it was claimed that 888 failed to comply with the regulation that asks for companies to perform investigations into the transactions of large sums of money and any actions that may suggest the movement of money may not have an entirely legal intention.
888 are also reported to have failed to notify the State Attorney for Special Economic and International Crime (SØIK) of any large transactions that could be linked to money laundering.
This all stems from one specific customer who spent more than DKK1m during a period of 3 months. Whilst background checks were performed the player refused to provide the required documents to prove the source of their income and was allowed to continue playing at 888 for nearly a month.
Despite 888’s belief that they did not need to inform the SØIK, Spillemyndigheden have been clear that this was not the case and have told the company to update their procedures to ensure that this does not happen again.