Danish authorities have censured LeoVegas for breaches associated with money laundering. The Danish gaming oversight body, Spillemyndigheden, has denounced the Swedish operator LeoVegas for “failing to adequately verify customer identities” in relation to the nation’s anti-money laundering regulations.
LeoVegas was discovered to have violated anti-money laundering laws by permitting five individuals to deposit sums ranging from 1.2 million Danish kroner (£140,000/$161,000/€188,000) to 1.67 million Danish kroner into their gaming accounts between 2017 and 2019. LeoVegas was unable to confirm if the funds originated from illicit sources.
In four out of the five instances, LeoVegas was sluggish in notifying the anti-money laundering agency, taking between 10 and 22 months to do so, and only after Spillemyndigheden had requested an examination of the accounts.
Spillemyndigheden stated in a formal announcement: “The rules regarding customer identity verification, as well as investigative and reporting responsibilities, are essential principles within the anti-money laundering legislation, and violations of these rules constitute a clear justification for a prohibition or condemnation.”
Although LeoVegas hasn’t been punished for any misconduct, the firm modified its operational methods in 2020, which will aid them in spotting similar breaches more quickly in the future.
LeoVegas was granted an extension of its permit by the Danish Gambling Authority (Spillemyndigheden) earlier this month, permitting them to provide betting and casino services in Denmark until 2026.
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