The Swedish gaming regulator, Spelinspektionenannounced its support for the country’s financial supervisory authority, Finansinspektionenafter a warning and a fine of 130 million SEK (£10.18 million) were imposed on In complete confidence.

Following an investigation, the FI revealed that the business had failed to comply with key elements of money laundering regulations.

Gaps were reportedly found in its overall risk assessment, client risk classification, know-your-client routines and guidelines, know-your-client measures and client follow-up.

“The shortcomings, which were serious, were found in Trustly’s largest line of business, the gaming industry, which is associated with a high risk of money laundering and terrorist financing,” a statement said. FI press release.

“The risk that Trustly and the financial system could have been used for money laundering and terrorist financing has therefore increased.”

Due to Trusly’s assurances that it has taken and plans to continue to take action to correct the deficiencies, and the belief that there will be no recurrence, a warning in conjunction with the aforementioned penalty charge has was deemed appropriate.

In response, the SGA said it views “the oversight of payment service intermediary Trustly Group positively” and will closely monitor “the development of payment service intermediaries who provide their services to gaming companies with a Swedish license”.

In addition, the regulator, which has assessed the risk of the sector being used for money laundering purposes, is high, adds that it will analyze the decision in order to consider whether certain parts of the decision should be taken into account. regarding the continued development of guidance issued to licensees.

“It’s generally important that these actors operate in a risk-based manner and comply with money laundering regulations,” he said. Robert Larsonhead of unit at the Spelinspektionen.

“Trustly has particular exposure to the gaming industry and through its unique global perspective, the company can view its customers’ collective transactions with various gaming companies.”