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Swedish Gaming Authority Imposes Penalty on Kindred’s Spooniker for AML Deficiencies
The Swedish regulatory body, Spelinspektionen, has levied a SEK10 million (approximately $1 million) fine against Kindred’s subsidiary, Spooniker, alongside issuing a stern warning. This action stems from the company’s failure to rectify issues identified in a 2022 audit concerning anti-money laundering (AML) protocols.
Spooniker operates under several commercial online gaming licenses in Sweden, managing multiple well-known gambling platforms, including unibet.se, bingo.se, ottocasino.se, and mariabingo.se.
A recent audit revealed that Spooniker failed to perform adequate customer due diligence, hindering its ability to effectively evaluate the risks associated with money laundering. As a result, the regulatory body imposed the hefty fine and a cautionary notice.
Historical Context of Spooniker’s Compliance Issues
In a preceding investigation dated November 17, 2022, Spelinspektionen had already discovered various failures in Spooniker’s measures against money laundering and the financing of terrorism. At that time, the company was fined SEK10.9 million ($1.1 million).
In their follow-up assessment, the regulator sought details regarding five new customer accounts registered between May 1, 2023, and April 30, 2024. The inquiry included requests for Spooniker’s internal risk assessments and customer monitoring protocols.
Upon reviewing the data, Spelinspektionen noted that several customers had triggered alerts from the company’s monitoring systems multiple times due to unusual gaming behavior and substantial deposit amounts.
Delayed Actions on Customer Monitoring
The regulator observed that Spooniker had only gathered information about taxable income on a single occasion and failed to take any significant action thereafter. Alarmingly, several customers had made deposits that matched or exceeded their annual taxable income, highlighting the need for more rigorous scrutiny.
Spelinspektionen emphasized that Spooniker should have implemented more comprehensive customer due diligence measures, particularly as they had access to affordability data for these players. Additionally, deficiencies in documenting the flow of transactions were noted. The incomplete records related to funds transferred from another gambling entity to a customer’s bank account, and subsequently into their Spooniker account.
"By neglecting to procure sufficient information to validate the origins of these funds, the company has compromised its ability to determine if customers’ activities presented money laundering or terrorist financing risks," remarked Spelinspektionen.
Moreover, the late introduction of customer due diligence measures following the audit drew criticism. One client had deposited a significant amount of SEK460,000, prompting the need for stricter controls and ongoing monitoring.
Progress Made by Spooniker
Despite these setbacks, Spelinspektionen acknowledged that Spooniker had made certain improvements, including the introduction of enhanced monitoring systems and monthly loss limits. The company indicated no further signs of money laundering in relation to the customers examined in the ongoing review.
On June 1, 2024, the regulatory framework for calculating penalty fees was revised. However, since the compliance failures at Spooniker occurred prior to this change, the maximum fine imposed remains at €1 million.
In a related incident last year, Spooniker faced an even larger penalty of SEK30 million for violations related to unauthorized bonuses and lotteries dating back to March 2020.
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