Zona de Azar Denmark – LeoVegas Reprimanded by Danish Regulator Over Money Laundering Violations

Denmark.- November 01, 2021 www.zonadeazar.com Swedish operator LeoVegas has been reprimanded by Denmark’s gaming regulator Spillemyndigheden for “violating the rules on customer due diligence procedures” relating to the country’s money laundering act.
After conducting a random review of 20 major players at LeoVegas from 2017-2019, the regulator found that five of the players reviewed had breached the rules of the Money Laundering Act.

The players were able to deposit between DKK1.2m (£140,000/€161,000/$188,000)and DKK1.67m into their gaming accounts during that period, without LeoVegas knowing whether the money could have come from criminal sources.

In four of the five cases, LeoVegas waited too long to notify the Money Laundering Secretariat – between 10 and 22 months and only after the accounts had been called into Spillemyndigheden for review.

A Spillemyndigheden statement said: “The rules on customer due diligence procedures and the duty of investigation and notification are absolutely fundamental in the Money Laundering Act, and violation of the rules is the clear starting point to injunctions or reprimands.”

LeoVegas did not receive any sanctions for the violations, however, due to the fact that changes were made to its business procedures back in 2020, which will make identifying similar breaches quicker in future.

LeoVegas was granted licence renewals by Spillemyndigheden earlier this month, allowing it to offer betting and casino services in Denmark until 2026.

Edited by: @_fonta  www.zonadeazar.com