The government of Sweden has appointed Peter Knutsson as Director General of the country’s gambling regulator, Spelinspektionen, as he is expected to take up the position on...
Spelinspektionen hits Kindred’s Spooniker with $1M fine
After regulatory review, Swedish gambling regulator Spelinspektionen has fined Kindred’s Spooniker with a hefty SEK 10 million ($1 million) fine.
Sweden’s gambling regulator has been known for its strict oversight since the market’s re-regulation in 2019. Operators like Spooniker have often faced challenges navigating the complex framework, which has led to repeated fines.
For example, in 2020, Spooniker was hit with a massive SEK 100 million, $9.6 million, penalty for offering unauthorized products and illegal bonuses. While a court ruling later reduced the fine to SEK 50 million ($4.8 million), it highlighted ongoing compliance issues.
This time, in its official response, Kindred acknowledged the shortcomings and stated that it has already taken steps to tighten its controls. However, the company hinted at a possible appeal, suggesting it might challenge the fine.
Looking ahead, Spooniker will be required to significantly improve its risk management processes. This includes more strict checks on high-risk customers, enhanced financial monitoring, and tighter scrutiny over payment methods.
Despite these challenges, Kindred claims it has made significant steps in improving its oversight, including ramping up customer risk assessments and increasing the number of suspicious transaction reports it files with financial authorities.
Just days after the KSA imposed a €24.8 million record fine on Novatech, the Swedish gambling regulator Spelinspektionen also issued a banning order against the illegal...
