LeoVegas has been charged with a want of compliance in Danmark because of industriousness issues and anti-money laundering (AML) requirements.
The Danish Gambling Authority, Spillemyndigheden, carried out a elaborate examination of some 20 LeoVegas players in the country. The regulator found that the operator failed to fulfill the AML requirements inwards v of the 20 cases studied. The violations mainly occurred 'tween 2017 and 2019.
At that time, the regulator alleges that LeoVegas, a Nasdaq quoted keep company and registered casino operator, permitted quintuplet of its clients to bank deposit DKK 1.2 zillion ($186,960) to DKK 1.6 meg ($249,280). However, the gambling casino failed to formalize the legality of the seed of the money.
Additionally, the steady found that LeoVegas did not stick to to reporting obligations constituted past the regulator. This is a consignment the casino has to abide by, ratting the AML Secretariat inward cases of this typecast of regulation breaking.
Despite the findings, LeoVegas was non intemperately penalized past the regulator, and had its electric current certify renewed for 5 years.
Spillemyndigheden Takes Issue with LeoVegas
Four of the fivesome cases analyzed were considered past the Spillemyndigheden to have non been reported within the necessary clip frames. The Secretariat was informed of these cases 10 to 22 months after the fact.
Danish authorities make farther issues with LeoVegas, which it accuses of having made its number 1 account after Spillemyndigheden detected the tetrad cases it reviewed.
Although this represents a serious break and tin can lead to activeness taken against the cassino operator, inwards this case, the allegations against LeoVegas have not provoked severe action. The regulator wasn’t harder on the operator because it informed the authorities that it had instituted “new business organization procedures” as of January 1 of endure year.
As of that date, the casino has changed its notification system. The authorities testament live notified instantly inwards the future if thither is a suspiciousness of possible money laundering on its premises.
LeoVegas Extends Danish License
Spillemyndigheden has renewed LeoVegas’ operations permit for another cinque years despite the findings. The permission testament expire inwards 2026.
LeoVegas has been active inward the Danish market ever so since 2016. The operator testament keep offering online gambling casino and sportsbook betting brands for the regulated market, which underwent a reformation of its rules and regulations inward 2018.
Our Danish set in motion was I of our most successful, and the fact that we are now ane of the largest operators inward the securities industry is testament to that,” Gustaf Hagman, the CEO of LeoVegas, said.
The telephone extension is considered to be “vital” to LeoVegas’ growth plans in Europe. This chemical group has licenses to run in the UK, Italy, Sweden, Ireland, Spain and Schleswig-Holstein inward Germany, as well as Malta.
New regulations inward Deutschland have got continued poignant carrying out inwards the market place negatively, although LeoVegas has achieved double-digit development in of import markets. Online cassino activities past the grouping are growing in Sweden, where it had record-reaching revenue figures for the second canton of the year.