Swedish gaming regulator supports decision to fine Trustly SEK 130m

Sweden’s gaming regulator has said it supports the Financial Supervisory Authority’s (FI) decision to hand fintech company Trustly Group a SEK 130m ($13

Sweden’s gaming regulator has said it supports the Financial Supervisory Authority’s (FI) decision to manus fintech keep company Trustly Group a SEK 130m ($13.5m) fine.

FI is a government activity federal agency responsible for financial regulation inward Sweden, and inward this role, of late issued a warning and penalty fee to Trustly for failing to abide by with money laundering regulations.

Trustly is an opened banking defrayal method employed by various brands, but the shortcomings, said FI, were inward relation to the fintech company’s gaming industry business.

“The shortcomings, which feature been serious, feature been found inwards Trustly’s largest business area, the gaming industry, which is associated with a high up risk of exposure of money laundering and terrorist financing,” said FI.

“The risk of exposure that Trustly and the financial system could experience been used for money laundering and terrorist financing has hence increased.”

In response to the financial watchdog’s decision, the Swedish Gambling Authority (SGA) remarked that it viewed FI’s “supervision of the defrayment service of process intermediary Trustly Group positively” and “closely monitors the development of the defrayment service of process intermediaries that provide their services to gaming companies.”

The SGA said it will analyse the Supervisory Authority’s determination and assess whether there is anything that should follow taken into answer for regarding its possess counseling and supervision.

“It is in the main important that such actors comply with the money laundering regulations,” commented Robert Larsson, SGA Unit Manager.

“Trustly has a special exposure to the gaming manufacture and through its unique boilersuit perspective, the accompany tin can view its customers’ collective transactions to various gaming companies.”

The SGA added that it has assessed the peril of the play manufacture being used for money laundering as “high.”

This assessment, the regulator explained, is based on the sector’s high turnover value and big identification number of transactions, for which “the defrayal intermediary fulfils an important part as a gatekeeper.”