Swedish Gambling Association Partners with Advisense

Swedish Trade Association for Online Gambling Strengthens Anti-Money Laundering Measures with Advisense Partnership

The online gambling industry faces increasing scrutiny over money laundering and terrorist financing risks. In a bid to bolster industry safeguards, the Swedish Trade Association for Online Gambling (BOS) has partnered with leading compliance consulting firm Advisense. This collaboration aims to identify and enhance anti-money laundering (AML) practices within the Swedish gambling sector. BOS and Advisense will conduct a comprehensive survey to gather insights, setting a new benchmark for the industry’s compliance standards.

BOS Commissions Advisense to Bolster Anti-Money Laundering Efforts in Swedish Gambling Sector

The Swedish Trade Association for Online Gambling (BOS) is taking proactive measures to combat money laundering and terrorist financing within the country’s rapidly growing gambling market. To this end, BOS has commissioned Advisense, a renowned governance, risk, and compliance consultancy, to conduct a unique survey among its member companies this fall. The goal is to strengthen the industry’s defenses against financial crimes and ensure compliance with evolving regulatory standards.

Rising Risks in a Growing Market

Europe’s online gambling market is valued at approximately €100 billion, and with the increasing popularity of internet usage, smartphones, and new gaming platforms, the sector is expanding at an unprecedented rate. However, this growth brings with it significant risks, particularly in the form of money laundering and terrorist financing activities. Regulatory bodies have recently imposed sanctions on various operators, underscoring the critical need for robust risk assessment, enhanced customer due diligence, and stringent controls.

Gustaf Hoffstedt, Secretary General of BOS, emphasized the importance of this initiative: “The gambling market should be a place for joy, entertainment, and excitement—and the occasional big win. Criminal activities must be eradicated. Our tolerance for money laundering in the gaming industry is zero. Together with Advisense, we are now setting a spotlight on ourselves to identify how we can improve our work against money laundering.”

A Strategic Approach to AML Compliance

The AML State of Play survey, commissioned by BOS, will delve deep into the current measures adopted by gambling operators in Sweden to prevent financial crime. Christine Enström, Managing Director and Head of Financial Services at Advisense, highlighted the significance of this initiative: “Online gambling is a high-risk industry for money laundering and terrorist financing both internationally and in Sweden. Extensive measures have already been taken since the Swedish gambling industry was regulated in 2019. The ability to share collective expertise and exchange experiences from both the gaming and financial industries will be of great significance going forward.”

Advisense’s role in this partnership is critical. As a leading expert firm in Europe, Advisense specializes in governance, risk, and compliance, offering top-tier advisory services and technological solutions. Since its inception in 2008, Advisense has grown to a workforce of 450 employees across major cities, including Stockholm, Gothenburg, Brussels, Copenhagen, and Frankfurt. This extensive network provides BOS and its members with access to cutting-edge expertise and best practices in AML compliance.

Enhancing Industry Standards

The collaboration between BOS and Advisense underscores the importance of industry self-regulation and the need for continuous improvement in AML practices. Since the regulation of Sweden’s gambling industry in 2019, operators have been mandated to implement comprehensive compliance measures to mitigate risks. However, as the market evolves, so must the strategies to combat financial crime.

The survey results, set to be released later this autumn, will provide valuable insights into current industry practices and identify areas for improvement. This data will not only help operators strengthen their AML protocols but also serve as a guide for future regulatory updates, ensuring that the Swedish gambling industry remains a leader in responsible and compliant gaming.

The partnership between BOS and Advisense marks a significant step forward in the fight against money laundering in the Swedish gambling industry. By commissioning a thorough survey and engaging with industry experts, BOS demonstrates its commitment to maintaining a secure and transparent market. As the online gambling sector continues to grow, such proactive measures are essential to protect the integrity of the industry and safeguard consumers from financial crime. With ongoing efforts to refine compliance standards, the Swedish gambling market is well-positioned to set an example for the rest of Europe.