LeoVegas Fined for Running Afoul of Denmark’s Gaming Regulator

LeoVegas has been charged with a want of compliance inward Denmark because of industriousness issues and anti-money laundering (AML) requirements.

The Danish Gambling Authority, Spillemyndigheden, carried out a elaborate test of some 20 LeoVegas players in the country. The regulator found that the operator failed to fulfill the AML requirements inward pentad of the 20 cases studied. The violations mainly occurred between 2017 and 2019.

At that time, the regulator alleges that LeoVegas, a Nasdaq quoted accompany and registered gambling casino operator, permitted quint of its clients to deposition DKK 1.2 zillion ($186,960) to DKK 1.6 meg ($249,280). However, the casino failed to corroborate the legality of the germ of the money.

Additionally, the steady found that LeoVegas did non stick to reporting obligations established by the regulator. This is a allegiance the cassino has to abide by, ratting the AML Secretariat in cases of this type of rein breaking.

Despite the findings, LeoVegas was non heavily penalized past the regulator, and had its stream permit renewed for fivesome years.

Spillemyndigheden Takes Issue with LeoVegas

Four of the quintuplet cases analyzed were considered past the Spillemyndigheden to get non been reported within the necessary time frames. The Secretariat was informed of these cases 10 to 22 months after the fact.

Danish authorities experience further issues with LeoVegas, which it accuses of having made its first of all cover after Spillemyndigheden detected the Little Joe cases it reviewed.

Although this represents a serious faulting and tin lead story to process taken against the cassino operator, inwards this case, the allegations against LeoVegas hold non provoked wicked action. The regulator wasn’t harder on the operator because it informed the authorities that it had instituted “new byplay procedures” as of January 1 of endure year.

As of that date, the casino has changed its notice system. The authorities testament be notified instantly inwards the time to come if on that point is a suspicion of possible money laundering on its premises.

LeoVegas Extends Danish License

Spillemyndigheden has renewed LeoVegas’ trading operations license for another v years despite the findings. The license will expire in 2026.

LeoVegas has been fighting(a) inward the Danish marketplace ever since 2016. The manipulator testament persist in offering online casino and sportsbook betting brands for the regulated market, which underwent a reformation of its rules and regulations inward 2018.

Our Danish launch was i of our to the highest degree successful, and the fact that we are at present one of the largest operators inwards the securities industry is testament to that,” Gustaf Hagman, the CEO of LeoVegas, said.

The extension is considered to live “vital” to LeoVegas’ growth plans inward Europe. This grouping has licenses to run inward the UK, Italy, Sweden, Ireland, Spain and Schleswig-Holstein inwards Germany, as easily as Malta.

New regulations in Federal Republic of Germany make continued poignant public presentation inward the market place negatively, although LeoVegas has achieved double-digit growing inwards of import markets. Online gambling casino activities by the group are growing inwards Sweden, where it had record-reaching revenue figures for the secondment quarter of the year.

This news is produced to you by the Pussy888.