Kindred Group Gets $1m Swedish Gambling Regulator Fine
Kindred Group has been hit with a fine of SEK10.9m ($1m) and an official warning by the Swedish Gambling Authority. The regulator discovered shortcomings in Kindred's Spooniker subsidiary when it came to safeguards against terrorist financing and anti-money laundering systems.
Kindred is committed to preventing terrorist financing and money laundering. Kindred operates numerous online gambling brands in Sweden. It has made process improvements over the past couple of years. It also has seen an uptick in the number of customers subject to a risk assessment and suspicious transaction reports sent to the financial authorities.
The SGA has issued many fines to operators since the re-regulated market went live in January 2019. Spooniker was initially fined SEK100m ($9.6m) but the fine was reduced to SEk50m $4.8m on appeal. Kindred is also facing a potential eight-figure fine in Norway because it refused to comply with the Norwegian regulator's demands.