By BBBB
The Danish Gambling Authority, Spillemyndigheden has issued three orders and one reprimand to 888-owned Mr Green Limited for breaches of the Anti-Money Laundering Act.
According to the regulator’s announcement, the company was found to have breached the act with respect to:
- risk assessment
- procedures for internal controls
- failing to ensure that controls are carried out
- rules on notification to the Money Laundering Secretariat
All three orders and the reprimand were issued on April 10th 2024.
The announcement gave details on the warnings stating that Mr Green’s risk assessment controls were insufficient. All risk assessments must include a separate risk assessment of payment solutions.
The investigation also found that internal controls were inadequate. The company failed to inform staff of when controls should be implemented nor did it have written procedures for monitoring controls. The third order was in relation to a lack of documentation concerning which controls had been carried out.
A reprimand was also issued based on the company’s failure to notify the Money Laundering Secretariat when two transactions were suspected of money laundering or terrorist financing.
Mr Green must submit a revised business plan and risk assessment procedure by June 10th, 2024. The company must also submit documentation by October 10th 2024 to prove that the new controls have been used correctly.
No financial penalty has been issued in connection with the orders or reprimand.
English