Danish regulator warned Mr Green for AML breach
Mr Green, an online gambling company, got warned by the Danish Gambling Authority over two regulation breaches of the Anti-Money Laundering Act.
The iGaming operator got warned because of insufficient checks as a young customer was able to deposit $45,000 into an account, and it was unknown whether the money generated from criminal proceeds or not.
So, the Gambling Authority claims that the operator did not manage to carry out proper checks of Know Your Customer (KYC). The Authority states that KYC is an important principle in the AML act and the online casino missed it out.
On the other hand, Mr Green claims that the player was able to fund his gaming according to the investigations and searches that the online casino conducted. Though the player deposited more than his disposable income, the casino decided not to continue its investigations.
However, the Authority finds that Mr Green’s assessments about player’s profession and income were not accurate which means that the casino had insufficient information about its customer. According to the regulator, Mr Green should have gone deeper into the investigation as the primary checks had not ruled out money laundering suspicion.
After the warning, Mr Green presented new procedures for Know Your Customer measures.
Mr Green was sanctioned with a $3.6 million fine by the Swedish regulator because of not adhering to the principles of customer wellbeing.