Swedish Gaming Authority Issues Warning to Payment Service Providers

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Swedish Gaming Authority Issues Warning to Payment Service Providers

The Swedish Gaming Authority has issued a warning to payment service providers to stop doing business with illegal and unlicensed gambling operators who are targeting the regulated market.

The regulator said the Gaming Act aims to enhance protection controls for players with controlled forms of gambling and enforcing regulated activities. Payment service providers are in violation of the Gaming Act when they continue to do business with unlicensed operators.

Spelinspektionen continued with explaining terrorist financing and money laundering regulations cannot be enforced if unlicensed operators continue to target its jurisdictions. They have no control over unlicensed businesses meaning there is potential for financial terrorism and money laundering activities.

The regulators’ Head of Operations released a small statement explaining players who continue to play at unlicensed sites are not protected by the liability measures that are in place with the Gaming Act. In addition, payment service providers who transfer monies to and from the said operators help the operators continue to not comply with Swedish laws and regulations. The re-regulated Swedish market, despite the warnings and other issues experienced by licensees, the market has seen significant growth since the relaunch in January.

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