The Danish gambling regulator has found yet another operator guilty of breaching the local laws against money laundering. The culprit this time is Reel Denmark Limited.
An Operator Failed to Comply with the Danish Regulations
According to the gambling authority, Reel Denmark Limited failed to properly investigate its own customers, find the source of their funds and report any suspicious findings, as the Anti-Money Laundering Act demands. As a result, the regulator has pointed out the operator’s shortcomings, warning it to be more diligent next time.
The happening in question relates to a Reel Denmark Limited customer who has deposited a lot of money between 2019 and 2020. The Danish regulator was doing a spot check of the gamblers in the country when it stumbled across the player. It turned out they had deposited about $370,000 over the course of two years. Despite this being a fairly large sum, Reel Denmark Limited never bothered to question the customer and properly check the source of their funds.
Reel Took Measures to Make Up for Its Fault
As a result, the regulator reprimanded Reel Denmark Limited for its lack of responsibility, claiming that the operator should have properly looked into this customer to minimize the risk of money laundering, as the law dictates.
Furthermore, in line with the Danish Anti-Money Laundering Act, Reel should have reported this player to the Denmark Money Laundering Secretariat over suspicions of a money-laundering scheme.
It was noted that Reel had filed a report on January 18 this year but not before the authority contacted the operator. The regulator pointed out that Reel was two years late with this report and should be more careful next time.
As a result, Reel has committed to making up for its mistake and has now introduced new measures to avoid such a mishappening occurring for a second time.
The Industry Moves Towards a Safer Future
Safety in gambling continues to be one of the industry’s hot topics. As people have grown more aware of the dangers of money laundering and gambling harm, the industry has in turn evolved to promote a healthy experience for all of its players. The regulated markets’ authorities are carefully following the developments in the industry and are watching out for dangers.
In order to prevent addiction and harm, two things that are common both in gambling and gaming, several bodies from the two industries started work as the Global Gaming Alliance.