The Swedish Finance Ministry Moves to Equalize AML Fines and Penalties For the Gambling Sector

How will this move affect the Swedish gambling sector?

This move will raise the AML fines in the Swedish gaming industry. Before this move, the Swedish High Court has been in charge of settling AML disciplinary charges in the gambling sector. This began since the 2019 Swedish Gambling Act adoption. According to the gambling act, the government can fine the operators up to 2X the profits made as a result of the violation. However, this does not apply to AML violations as they are treated differently. This is where the high court would come in. Since the gambling act does not specifically stipulate what should be done in case of AML violations, the high court would decide on what to do.

The need for the equalization of the fines and penalties for the gambling sector in Sweden

The new move to equalize AML fines and penalties for high risk industries resolves this issue. It creates a clear solution regarding what is to happen when AML violations are made in the Swedish gambling sector. This intervention by the Swedish finance ministry was necessary. It is also part of the government’s goal to protect consumers effectively when they play at online casinos. The Swedish government aims to make sure that all gaming service providers are in line with the 4th anti-money laundering directive of the European Union.

The response from the Swedish Gambling Trade Association, Branschforeningen for Onlienspel (BOS)

The Swedish gambling trade association welcomed this move on the condition that recognized authorities begin to recognize gambling revenue specifics. The key reason the association welcomed the move is that it will help settle legal disputes regarding proportionate fines issued by the Swedish gaming inspectorate on AML violations. In a statement, the secretary general, Gustaf Hoffstedt, of the BOS emphasized the need for equalized AML fines. He stated that AML violations are among the worst violations in the gambling sector in Sweden.

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