The information about the Swedish regulator’s call for access to payment details from banks has recently appeared in gambling news articles.
The Swedish Gaming Inspectorate is insisting that the current law should be changed to make financial institutions provide information about gambling payment transactions. It requires such an amendment to have more opportunities for the financial control of the gambling industry.
More rights mean more control
Although the Spelinspektionen has already got permission to reject payments made on the illegal gambling websites in 2019, it hasn’t exercised this authority yet. The main reasons for this are banks that don’t meet the regulatory needs and don’t want to support the regulator in its intentions. Banking confidentiality prevents it from detecting transactions that offshore companies get.
The proposed initiative will help the Swedish Gaming Inspectorate to receive up-to-date information about payments connected with websites that operate without proper licensing. According to the inspectorate representatives, it is almost impossible to detect and investigate such cases without banks’ help. Only regular reports will allow the regulator to deal with illegal actions.
Read more: Regulations for online gambling in Europe
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