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Swedish Banks Break Off Relations with Gambling Companies

22 April 2021, 14:17
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The information about the suspension of the provision of the services to operators by major banks in Sweden has appeared in recent financial news.

Swedish Banks Break Off Relations with Gambling Companies

The most influential financial institutions decided to quit their work with gambling companies some time ago this year.

What is the reason for the suspension?

As it has been informed, Swedbank, Handelsbanken, Nordea, DNB Nor, Danske Bank, and SEB ceased processing financial operations connected with the gambling industry participants. Commenting on the situation, the BOS Secretary-General, Gustaf Hoffstedt, says that some of the banks haven’t even explained this decision. That is why he has appealed to the country’s financial regulator for a conflict resolution.

Hoffstedt has emphasized that operators depend on financial services immensely. Moreover, denied access to the banks means that the firms can’t authenticate their players’ identities, which is a big threat to anti-money laundering principles. The Secretary-General has added that this move is contradictory to the Swedish regulations and complicate the operation of the business.

Read more: Explanation of net gaming revenue

Read more: License variations for gambling in Europe

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