The Danish Gambling Authority (Spillemyndigheden) highlighted the latest changes to the grey list of the Financial Action Task Force (FATF). The regulator urged gambling operators to review the list and keep it in mind when assessing players.
The Regulator Reminds of the Risks Associated with Greylisted Regions
The FATF grey list highlights jurisdictions under increased monitoring that are usually associated with a higher risk of fraud and financial crime. Because of that, the Spillemyndigheden reminded gambling operators to be more wary of customers from parts of the world included on the list.
For context, Danish gambling companies should conduct risk assessments as outlined in Annex 3 of the country’s AML Act, which highlights certain high-risk factors. The annex includes the higher-risk countries listed on FATF’s grey and black lists.
The Spillemyndigheden elaborated that an enhanced due diligence (EDD) process should be carried out when a company determines that a player imposes a higher risk of misusing the operator’s business for money laundering or terrorist financing.
The Danish authority clarified that operators are not required to perform EDDs simply if a country is listed on the FATF grey list and are only a requirement for players from jurisdictions listed in the EU Regulation of High Risk Third Country list.
However, companies should still keep the FATF grey list in mind when assessing suspected fraud.
The Grey List Has Been Updated
For context the FATF grey list currently includes the following countries:
- Algeria
- Angola
- Bulgaria
- Burkina Faso
- Cameroon
- The Ivory Coast
- Croatia
- DR Congo
- Haiti
- Kenya
- Laos
- Lebanon
- Mali
- Monaco
- Mozambique
- Namibia
- Nepal
- Nigeria
- South Africa
- South Sudan
- Syria
- Tanzania
- Venezuela
- Vietnam
- Yemen
The latest update shows that the Philippines is no longer on the list. On the other hand, Nepal has been added to the list since Spillemyndigheden’s November notice.
In the meantime, the black list, which highlights countries that either do not have AML procedures or are not interested in implementing such processes, remains the same. As of the time of this writing, it includes the Democratic People’s Republic of Korea, Iran, and Myanmar.
Financial Intelligence Unit Published Its Q4 Report
The Spillemyndigheden’s notice comes shortly after its Financial Intelligence Unit issued its latest quarterly report. Available on the regulator’s official website, the report indicated the number of AML notifications the unit received.
It also discusses how a network of Russian-speaking criminals in Sweden is behind financial crime, including money laundering. On top of that, the report refers to CBS’s study on vulnerabilities in the AML area.
In other Denmark-related news, Habanero, the author of games such as Totem Tower, Jump, and Hyper Hues, just secured a B2B license in the country, allowing it to supply its portfolio of cutting-edge gaming titles to the local community of operators.
