The Swedish Trade Association for Online Gambling, also known as BOS, has recently announced that they have commissioned Advisense, a leading consulting firm specializing in anti-money laundering (AML) and compliance solutions, to strengthen their efforts in combating money laundering within the online gambling industry.
The decision to bring in outside expertise follows a series of high-profile cases of money laundering within the Swedish online gambling sector, which has raised concerns about the effectiveness of current AML measures. With stricter regulations being implemented by regulatory bodies such as the Swedish Gambling Authority, BOS is taking proactive steps to ensure that their member companies are in full compliance with these regulations.
Advisense will work closely with BOS to conduct a comprehensive review of their AML processes and procedures, identifying any weaknesses or gaps that may be exploited by money launderers. They will then provide tailored recommendations to enhance these measures, incorporating the latest technologies and best practices in the field of AML.
“As an industry association, it is our responsibility to ensure that our members are operating in a safe and transparent manner,” said Gustaf Hoffstedt, secretary-general of BOS. “By partnering with Advisense, we are demonstrating our commitment to tackling money laundering and protecting consumers from the risks associated with illicit financial activities.”
The collaboration between BOS and Advisense reflects a growing trend within the online gambling industry, where companies are increasingly investing in AML and compliance solutions to safeguard their operations and uphold their reputation. With the European Union’s Sixth Anti-Money Laundering Directive set to come into force in June 2021, the pressure is on for companies to demonstrate robust AML controls in place.
“We are excited to be working with BOS to strengthen their AML efforts and help them stay ahead of the regulatory curve,” said Johan Sjölin, CEO of Advisense. “By leveraging our expertise and technology-driven solutions, we aim to empower BOS and its member companies to effectively combat money laundering and protect the integrity of the online gambling industry.”
As the collaboration between BOS and Advisense gets underway, industry observers are hopeful that it will set a new standard for AML compliance in the online gambling sector. With the reputation and financial stability of companies at stake, the importance of strong AML measures cannot be underestimated, and BOS is taking a proactive approach to address this critical issue.