Svenska Spel appeals AML penalty ahead of online licence decision
Operator claims recent SEK 8m fine is unfair considering the regulator has no clear regulation in place
Svenska Spel’s bricks-and-mortar casino brand, Casino Cosmopol, will appeal its SEK 8m (£700,000) fine for AML failings from the regulator (Lotteriinspektionen).
The fine relates to a lack of risk management in AML and KYC functions, Lotteriinspektionen said, but Casino Cosmopol said the penalty is unfair considering the regulator had “no clear regulation or guidance”.
Per Jaldung, president of Casino Cosmopol, said: “We appeal Lotteriinspektionen’s decision mainly because we consider that in this situation it is not proportional to decide on a penalty.
“Fines should only be used unless other methods are not sufficient.
“In the absence of clear regulations and guidance from the regulator, it cannot be considered correct to decide on a penalty fee,” Jaldung said.
The Svenska Spel subsidiary had applied for an online licence under the new licensing structure, but has been told by Lotteriinspektionen to reapply and include a description of new measures it will implement to tackle AML.
Lotteriinspektionen told EGR it would likely make a decision about whether to award the licence this week.