Sweden’s Administrative Court in Linköping has overturned an SEK6m fine for racing monopoly AB Trav och Galopp after finding that its money laundering violations were not “so serious as to warrant a warning and a penalty fee.”
The Swedish gambling authority, Spelinspektionen, issued the fine in November last year after an investigation between January 2019 and December 2021 found that for eight out of 13 identified customers, ATG did not work closely and proactively enough over money laundering risks.
ATG subsequently appealed the regulator’s fine and claims that the violations were both serious and systematic.
The Administrative Court has now insisted that there were “shortcomings” at ATG, including not taking customer awareness measures about deposits seriously enough.
However, the court said the failings “did not entail a clearly increased risk of the business being used, for example, for money laundering.”
