LEOVEGAS HIT WITH WARNING & FINE FOR DUE DILIGENCE FAILURES IN SWEDEN

Online gambling operator LeoVegas has been hit with a SEK 2M (approx. €195,000 euro) fine, and a warning, by the Swedish Gambling Authority.

The regulator says it took the action after LeoVegas was found to be in breach of certain customer due diligence routines during 2019 – the first year after the launch of the regulated Swedish gaming market. So far, the regulator has only reviewed LeoVegas’ 2019 routines. 

In response, LeoVegas has said it is continually developing its policies to ensure compliance, and that it had already updated those policies before the regulatory action. 

The company has stated it intends to appeal the regulator’s decision, so that a court can review the matter and give the industry clearer guidance on how regulations should be interpreted. 

LeoVegas, which operates 14 brands and licenses in eight different jurisdictions, has stressed it is subject to numerous audits and reviews by local supervisory authorities and external auditors each year, and that compliance is its top priority.

AYO.NEWS says:

Given the widespread confusion surrounding the specifics and nuances of regulatory requirements in the Swedish market since it launched at the start of 2019, we expect plenty more stories like this. Let’s hope the courts can help clarify matters.