Compliance Updates
DGA: Three Orders and One Reprimand Issued to Mr. Green Limited for Breach of the Anti-Money Laundering Act
On April 10th, 2024, the Danish Gambling Authority has issued three orders to Mr. Green Limited for breaching the Anti-Money Laundering Act, on risk assessment, on procedures for internal controls and for failing to ensure that controls are carried out.
On April 10th, 2024, the Danish Gambling Authority has also given Mr. Green Limited a reprimand for breaching the rules on notification in the Anti-Money Laundering Act.
The reactions have been given in connection with the Danish Gambling Authority’s inspection of Mr. Green Limited’s materials that Mr. Green Limited has provided for compliance with the Anti-Money Laundering Act.
Order for insufficient risk assessment
Order (a) is issued because Mr. Green’s risk assessment is insufficient, as no separate risk assessment has been made of the individual identified risks associated with Mr. Green’s business model, including payment solutions, and the risk factors associated with it. It follows from section 7(1) of the Anti-Money Laundering Act that undertakings subject to the Act must identify and assess the risk that the undertaking may be misused for money laundering or terrorist financing. The Danish Gambling Authority’s assesses that the risk assessment must include a separate assessment of the risk of the individual payment solutions and delivery channels, as well as a separate risk assessment of the risk factors associated with these. Thus, Mr. Green did not comply with the risk assessment obligation.
Order for insufficient and lack of business procedures
Order (b) is issued because Mr. Green Limited does not have adequate procedures for internal controls, as these do not describe the interval at which controls should be performed. The order has also been given because Mr. Green Limited does not have written procedures on how to monitor that controls are carried out. It follows from section 8(1) of the Anti-Money Laundering Act that undertakings subject to the Act must have adequate written business procedures, which must include internal control. The business procedures should describe how the listed areas are handled in practice. The requirement for internal control also means that there must be controls of whether the controls are being carried out – in other words, that the controls are being checked. Mr. Green Limited has not sufficiently complied with the commitments on business procedures for controls.
Order for lack of documentation of controls
Order (c) is issued because Mr. Green Limited has not documented that controls have been carried out to verify that the internal controls have been performed. It follows from section 8(1) of the Anti-Money Laundering Act that undertakings subject to the Act must document the controls that have been carried out. Thus, Mr. Green Limited has not complied with the obligations to perform controls to ensure that the internal controls are performed.
Reprimand for not making an immediate notification
Reprimand (a) is given because Mr. Green Limited has in two cases not complied with the requirement for immediate notification to the Money Laundering Secretariat. According to section 26(1) of the Anti-Money Laundering Act, an undertaking must immediately notify the Money Laundering Secretariat if the undertaking knows, suspects or has reasonable grounds to suspect that a transaction, funds or activity is or has been related to money laundering or terrorist financing. Mr. Green has not complied with the notification obligations, as there has been no immediate notification.
Duty to act
The orders entail an obligation to act on the part of Mr. Green Limited. Mr. Green Limited must submit a revised risk assessment within June 10th, 2024.
Mr. Green must also within June 10th, 2024, submit a revised business procedure for internal controls and submit prepared business procedures for how the implementation of controls is monitored.
Mr. Green Limited must also submit documentation within October 10th, 2024, that it has been controlled that the controls have been carried out.
The reprimand does not entail any obligation to act on the part of Mr. Green Limited as the breach no longer exists.
The post DGA: Three Orders and One Reprimand Issued to Mr. Green Limited for Breach of the Anti-Money Laundering Act appeared first on European Gaming Industry News.
One of the largest prediction market websites has been threatened with court action if it does not geoblock Ireland, the head of the Irish gambling regulator has said.
Prediction markets are platforms where users can trade bets and gamble cryptocurrency on sports, the financial sector, politics and more, including events relating to the war in the Middle East, the existence of aliens, and tweets posted by Elon Musk.
Anne Marie Caulfield, who has been chief executive of the Gambling Regulatory Authority of Ireland (GRAI) since it began operations last year, said prediction markets amount to betting and therefore fall under her remit.
She said the GRAI enforcement team has already been active in the space, with one of the largest such markets already geoblocking on foot of “intervention” from the authority.
Speaking on RTÉ’s This Week radio programme, Ms Caulfield said a second “is in the process of doing so”.
She added: “And if they don’t, it’s open to us to go to the High Court.”
She said sites were withdrawn in Ireland in the “vast majority” of the almost 30 interventions the GRAI had made.
She added that this had happened as quickly as 35 minutes after the intervention.
Asked what the High Court action may look like, Ms Caulfield said: “In the instance where they don’t do so, we can go to the High Court and get a blocking order for access to the site, and also in relation to the funding involved.”
Pressed on whether that action had been threatened, she said: “We have issued warning letters, yes, to that effect.”
Ms Caulfield did not name the prediction markets involved.
However, users from Ireland are already prohibited from trading “event contracts” on the prediction market Kalshi, as per its membership agreement which also lists 55 other restricted countries.
One of the other main prediction markets, Polymarket, has seen restrictions in more than 30 countries including Belgium, Germany, Italy, France, the UK, and Poland – while it operates in the US with additional compliance measures.
In May, Tánaiste and Finance Minister Simon Harris said he would ask gardaí, regulators and government departments to examine “suspicious bets” made on Polymarket.
He raised “grave concerns” around a “Wild West” of unregulated betting on the platform, as he said it would be prudent to examine if there was money laundering occurring.
His comments came after reports highlighted a million dollars worth of betting on the outcome of the Dublin Central by-election, with hundreds of thousands of that volume placed on Gerry “The Monk” Hutch not to win a seat – which is what transpired.
There is no suggestion of wrongdoing on behalf of any candidate.
Mr Harris said: “What seems to be developing at a global scale and indeed a rapid pace now is a kind of Wild West where people are placing bets in the form of cryptocurrency in a secretive, murky and unregulated manner.”
The post Irish Gambling Regulator Threatens Prediction Market with High Court Action appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.
The Malta Gaming Authority (MGA) has observed a pattern of websites impersonating MGA-licensed operators and misleading consumers into believing that they are licensed, regulated or otherwise authorised by the Authority in accordance with the Gaming Act (Chapter 583 of the Laws of Malta) and the regulatory instruments issued thereunder.
In light of this, the MGA published a list of three websites impersonating licensed operators. The websites are:
• www.manekicasino.bet
• www.dragonaracasino.uk.com
• www.slot-hunter.at
“The MGA is hereby declaring that it has no connection with the above listed URLs and any other website, platform and/or entity impersonating the Authority and/or MGA-licensed operators. Any reference to the MGA and/or gaming licence/s said to be issued by it, as stated on these domains, are false and misleading,” the MGA noted.
“The MGA would like to remind consumers not to utilise services provided by an entity unless they have ascertained that the entity in question is duly authorised to provide such services by the Authority. Whereas MGA-licensed operators comply with strict legal requirements in the interest of consumers, the activities of unlicensed entities are unregulated, and do not provide the necessary safeguards delineated by virtue of the gaming regulatory framework, making transactions with such entities risky for consumers.”
The post The MGA Publishes Notice on Websites Impersonating Licensed Operators appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.
Supplier secures AGLC registration and extends its Canadian footprint beyond Ontario, where it has been live since 2022.
Greentube has gone live in Alberta on the day the province opened as a newly regulated iGaming market, marking the supplier’s first launch in the jurisdiction.
The NOVOMATIC Digital Gaming and Entertainment division said it completed regulatory and technical due diligence and secured registration with the Alberta Gaming, Liquor and Cannabis (AGLC) commission to operate in the province. Alberta becomes only the second Canadian province to regulate iGaming after Ontario, with the new framework replacing the monopoly previously held by Play Alberta.
The Alberta launch builds on Greentube’s existing Canadian footprint. The company has been live in Ontario since 2022 and described the Alberta debut as part of its wider North American expansion strategy.
Greentube said Alberta players will initially have access to a curated set of titles including Piggy Prizes
Wand of Riches 2, Rumble Riches Haulin’ Gold and Firecracker Frenzy Money Toad, as well as Silver Lux Big Win Spinner, Starlight Jackpots Captain’s Catch and Charming Lady’s Boom.
David Bolas, Commercial Director at Greentube, said: “Going live in Alberta on the day the market opens is an important step for Greentube and reflects the strong momentum we are seeing in Canada.
“We welcome the opportunity a new jurisdiction offers and look forward to working with locally licensed operators to introduce our established offering to players in Alberta. With a balanced line-up of new releases and proven performers, we are well placed to offer a compelling experience in the province and support our long-term ambitions in the region.”
The post Greentube goes live in Alberta as province opens regulated iGaming appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.
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