Unibet Faces Anti-Money Laundering Issues in Denmark

Unibet facing anti money laundering issues in Denmark

Unibet is the latest online gambling company to be called out by gaming regulators in Denmark for violations.

Gaming regulators in Denmark are not playing around when it comes to violations within the country’s gambling industry. For quite some time now, regulators have been making changes to ensure that players are protected, and they are not holding back when it comes to going after violators. Just this week, it was revealed that gaming regulators in Denmark called out Unibet for anti-money laundering failures. This is the latest among issues connected to the country’s gambling market.

Anti-Money Laundering Failings

As a Kindred Group brand, Unibet is facing backlash from regulators due to anti-money laundering regulation violations. The operator offers both online sports betting and gambling services and apparently decided to allow a gambler take part in services even though they were considered a high-risk individual. The status of the person was not identified, although it should have been.

The person in question remains unnamed but it is reported that they deposited just over $212,000 from December 2016 to 2018. This is not an enormously large amount, but it is something that should have been questioned because the individuals’ account was flagged back in 2015 by Unibet.

Back then, the person was not gambling actively at Unibet. The company noted within his account that he needed to be monitored if he decided to bet again. When he did show back up, Unibet did not monitor his activity, according to the Danish Gambling Authority.

After two years of gaming, Unibet decided to ask the individual to provide proof that he could afford the amount of money he was spending at the site. Once the proof was given, it was discovered that the individual was spending more than he could afford. Despite this revelation, the company did not intervene and stop the player from betting.

He deposited another $273,250 into his account through April of last year before his account was closed by Unibet.

Under Fire by the Regulator

Because of the violations, Unibet now faces backlash from gaming regulators regarding anti-money laundering protocols and due diligence. The site is accused of not taking action when it should as well as not informing the Money Laundering Secretariat of the problems at hand.

Because it did not take action, Unibet has received an order to correct the issue by filing a report with the MLS. The company must also fulfill its due diligence and obligations regarding anti-money laundering protocols. The proper reports need to be filed and the company has only two weeks to provide the information or face more consequences.

Anti-money laundering issues and player safety seem to be the highest points of contention in Denmark as well as other countries around the world. Gaming regulators are taking a stricter stance against operators to ensure that all protocols are followed correctly.

In some instances, the companies get off with a warning and must complete certain steps to ensure the problem does not happen again. In other instances, regulators issue heavy fines. Denmark is not known for fining companies, so Unibet got off easy on that regard.

Overall, it seems gambling regulators want to ensure that operators are doing what they should to protect players. Allowing an individual to spend hundreds of thousands of dollars without checking their income status is a big no-no.

There are steps in place that operators must follow to adhere to such regulations, but in some cases, the providers fall short. Regulators such as those in Denmark hope that operators put steps in place that can easily be followed to ensure such instances as this do not happen again and all players will be protected as they should be.

Associate Writer: Simon loves to bet on sports as well as play online slots, and he has a keen eye for sorting out the honest sites from the not so honest.