Mr Green, also a part of the William Hill Group online gambling community, has had issues with the Sweden government for a long time. The government of Sweden has accused Mr Green of not taking proper precautions regarding problems with gambling and anti-money laundering. Thus, this has lead to these two organizations having issues.
After several warnings and failing to adhere to the set or regulation, the Sweden’s Gambling Authority has fined Mr Green $3.6 million. One of the main reasons the company was fined is that it has not applied all the KYC and AML standards. These standards have been put in place to help the players determine if they can afford to gamble the money they are putting into the casino. It also helps to ensure that the casino does not launder money for a terrorist organization or any entities under the financial suctions.
By implementing the policy, the vulnerable clients will be protected from gambling money they cannot afford. However, because Mr Green Company did not carry out sufficient risk management practices required by the legislation, The Company was fined for making sure that they put proper precautions in place.
Statement by Spelinspektionen
Due to this issue, there was a statement that was released by Spelinspektionen stating that the two shortcomings that the company had were considered to be serious. Thus, it has led to there being penalty charges. But the spokesman stated that before the charges, there were two separate warnings that the company got, and they still did not adhere to the set regulations.
In his statement, Spelinspektionen stated that according to the laundering act, the highest amount of penalty that can be paid is €1m. However, the Gaming Act can penalize a much higher fee than the amount to be penalized calculated in the gaming company’s turnover.
In his statement, Spelinspektionen further stated that the purpose of the Money Laundering Act is to ensure that the gaming companies do not launder money for the terrorists. Besides, the policy is also there to ensure that the companies take the time to vet their customers and find out ample information about them. Furthermore, they should also access and manage risks that are associated with their clients.
Thus, this is ample evidence that Mr Green Limited has failed its work with the customer knowledge since it has not put the right measures to assess the risk their clients are likely to face before they start gambling. In addition, the company has not put a policy in place that will help them find out if their company is being used for money laundering. This has lead to their being a penalty fee.
The purpose of the Gambling Act is to make sure that the gambling companies do their jobs by protecting their players from excessive gambling. It also helps the company stop the players from gambling if there is a reason to do so. Unfortunately, despite several warnings, Mr Green LTD has not taken the warning seriously; the Gambling Act of Sweden has fined the company.