Financing authority in Sweden imposes fines For AML negligence, Trustly was fined SEK130 million (€1
The Swedish Financial Supervisory Authority, Finansinspektionen, has fined an online payments service, Trustly, SEK130 million (€12.2 million) for anti-money laundering (AML) violations.
It was discovered that risk assessments, procedures and guidelines, customer due diligence, monitoring, and reporting had all been identified.
The company broke the Anti-Money Laundering Act by failing to include a "large portion" of its customers in anti-money laundering and anti-terrorist financing measures.
According to iGaming Business, the Fintech company did not assess the risk of these customers and did not follow its procedures.
Trustly was also found to be in violation of Finansinspektionen AML regulations when it came to transaction monitoring, as were many other AML flaws.
Trustly is in an "industry associated with a high risk of money laundering and terrorist financing," according to Finansinspektionen.
"A company that has chosen fast and simple as its business concept in the gambling industry needs to be very thorough in its work to prevent money laundering," said Erik Thedéen, Director General of Finansinspektionen.
By fLEXI tEAM