Danish regulator warns Cashpoint over money laundering violations
The injunction pertains to Cashpoint failing to adequately assess the risk of the platform being misused for money laundering and terrorist financing purposes. Under the injunction, Cashpoint must update its risk assessments.
The reprimands come after Cashpoint failed to identify relevant risks concerning types of players, payment methods and products. Furthermore, the company’s business protocols didn’t sufficiently outline how, when and by whom specific activities were to be carried out in order to comply with anti-money laundering legislation.
The regulator has demanded that Cashpoint carries out an updated risk assessment which addresses the issues that have been identified so far.
On the Cashpoint case, Spillemyndigheden said: “The rules on risk assessment and business procedures are fundamental in the Money Laundering Act. Violation of the rules leads, as a clear starting point, to an order or reprimand, or in serious or repeated cases, to a police report.”
The regulator recently reprimanded operator Mr Green for breaches of money laundering legislation.