Spillemyndigheden, Denmark’s gambling authority, has annulled a regulatory order on TipWin Limited which demanded the firm retrain staff upon the anti-money laundering act.
The regulator disclosed that it had cancelled an order demanding TipWin to retrain staff as a requirement of Section-8 (6) of Denmark’s Anti Money Laundering Act.
This summer, a Spillemyndigheden investigation uncovered a litany of AML deficiencies at multiple TipWin betting venues across Denmark.
The investigation cited that TipWin venues had failed in their AML duties with regards to monitoring financial transactions and carrying out risk assessments, among other supervision procedures.
The betting group was accused of neglecting Danish AML rules, as Spillemyndigheden determined that it had no oversight or controls to report on the extent to which its retail units were being exposed to abuse by money laundering and other criminal activities.
In light of the investigation, TipWin had been ordered to retrain staff on AML procedures and safeguards required by Denmark’s Anti Money Laundering Act.
However, Spillemyndigheden announced yesterday that it had annulled the order which was due to be initiated by 20 September.
The decision was taken as Denmark’s gambling regulator is set to issue its own preventive measures against money laundering of criminal proceeds and financing of terrorism.
Spillemyndigheden has been charged with redrafting gambling AML controls and supervisory procedures that will be added to Denmark’s Anti-Money Laundering Act, which is set to be amended in the coming months.
Alongside national agencies regulating high-risk industries, Spillemyndigheden has been instructed to develop and recommend sector-specific AML policies by Denmark’s Ministry of Justice.
