Spillemyndigheden – Denmark’s Gambling Authority has reported Tipwin to the police for breaching multiple terms of the country’s Anti-Money Laundering Act.
Tipwin is accused of significant Danish AML Act failures related to the risk assessment, business procedures and financial supervision of its retail venues operating across Denmark.
Of utmost concern, Spillemyndigheden stated that the bookmaker had carried out no customer risk assessments across its land-based units until 16 May of this year.
“Moreover, Tipwin did not have sufficient business procedures for and supervision of their provision of land-based gambling products in relation to Anti-Money Laundering up until 25 May 2022” – Spillemyndigheden statement read.
The betting group is accused of neglecting Danish AML rules, in which it had no appropriate oversight or controls to report on the extent to which its retail units were being exposed to abuse by money laundering and other criminal activities.
Further infringements saw Spillemyndigheden detail that Tipwin had provided no compulsory staff training on AML monitoring procedures across its retail venues,
Tipwin venues could not provide information to the regulator on transactions carried out by use of self-service terminals, prize receipts and credit vouchers
Following its damning assessment, Spillemyndigheden stated that it had no choice but to forward Tipwin’s case to Denmark’s police authorities for further investigation.
Despite being reported to the police, Spillemyndigheden has chosed not to suspend Tipwin retail units – in which the company has been given a three month deadline to correct its AML deficiencies with regards to customer risk assessment, in-store controls and staff training.