The Lottery Administration of the National Police Board has published guidelines for gambling operators on how to prevent money laundering and terrorist financing in gambling activities. The guidelines provide an overview and a summarised description of the obligations of gambling operators in preventing money laundering and terrorist financing.
The Finnish Act on Preventing Money Laundering and Terrorist Financing obliges gambling operators to take active measures to prevent money laundering and terrorist financing. Failure to comply with or violate the obligations of the Act on Preventing Money Laundering and Terrorist Financing may result in sanctions, such as administrative sanctions, revocation of the licence or criminal prosecution.
“The Finnish gambling industry is undergoing a transformation. It is hoped that the new guidelines will draw the attention of gambling operators entering the Finnish market to the obligations prescribed in the Act on Preventing Money Laundering and Terrorist Financing. As an example, operators are required to carry out a risk assessment of money laundering and terrorist financing, they are obliged to know their customers and they are obliged to report suspicious transactions. The guidelines highlight the obligations under the law and the measures to fulfil the obligations,” says Senior Adviser Krista Medjeral of the National Police Board.
