The DKK100,000 ($14,500/€13,400/£11,500) penalty was imposed more than a year after Denmark’s Gambling Authority last June reported Tipwin to the police after identifying violations of the Danish Money Laundering Act.
Tipwin subsequently received a provisional fine of DKK100,000 for breaching two subsections of the Act, which was adopted on 3 July 2023. The fine was issued by the police’s Special Crime Unit. The Gambling Authority has indicated that there will be no appeal.
Last June, the regulator accused the business of grossly and negligently violating rules regarding risk assessments, policies and internal controls. Tipwin was also issued with injunctions demanding compliance with rules by September 2022.
Malta-headquartered Tipwin is licensed to offer betting and online casino games in Denmark. It also operates in Germany, Sweden and Austria.
Crackdown on money laundering
Spillemyndigheden has made AML a point of emphasis in recent years. Besides Tipwin, other operators that have faced injunctions for AML reasons in recent months include Casumo, Casino Copenhagen and Bet365.
In July 2022, it began an AML crackdown in line with the ministry of justice’s new strategy.