Swedish Regulator Fines Betsson, Snabbare and PokerStars €1.7M for AML Violations
The Swedish regulator (SGA) fined Betsson, Snabbare, and PokerStars a total of €1.7 million for violations in the area of anti-money laundering (AML).
Reasons for the Fines
SGA identified deficiencies in all three operators’ compliance with AML requirements:
- Lack of sufficient information on the source of funds from customers.
- Weak monitoring of high-risk transactions.
- Insufficient checks on young players making large deposits.
Amounts of the Fines
| Operator | Fine Amount |
|---|---|
| PokerStars (TSG Interactive PLC) | SEK 7M |
| Betsson Nordic Ltd | SEK 6.5M |
| Snabbare Ltd | SEK 5.5M |
Company Positions
Betsson
Betsson claims it acted within regulatory norms, relying on players’ previous winnings as the source of funds. However, according to SGA, the operator lacked checks on external income sources.
Betsson had an AML structure with thresholds of €2,000, €10,000, €15,000, and €20,000 and automatic reporting on the top 20 depositors.
Snabbare
Snabbare acknowledged weaknesses in its processes and pledged to lower the thresholds for AML alerts for players under 24 and introduce new automated notifications for large deposits.
PokerStars
TSG Interactive stated that for professional players, reusing winnings is a common practice. Nevertheless, the company will implement new age-based risk assessments and will check taxable income at certain stages of customer interaction.