Danish Authority Reprimands SkillOnNet for AML Breaches
SkillOnNet has received three orders for breaches of anti-money laundering regulations and two reprimands for breaches of AML rules related to whistleblowing and business procedures from the Danish Gambling Authority.
LISTEN TO THIS ARTICLE:The move came following the regulator’s inspection of SkillOnNet’s Anti-Money Laundering Act compliance materials. As a result, SkillOnNet must now submit a revised risk assessment and various other materials in the coming two months and proof that the new procedures have been implemented within the next six months.
Related: Anti-Money Laundering Compliance in the World of Gambling
Orders Due to Inadequate and Inefficient Procedures
The first order issued related to inefficient risk assessment. It said that “no separate risk assessment has been made of the individual identified risks associated with SkillOnNet 's business model, including products and payment solutions.”
This is in breach of Section 7(1) of the Anti-Money Laundering Act and it means that SkillOnNet is not properly identifying AML risks as it is not conducting risk assessments on individual products and solutions.
The second is related to insufficient business processes. The company was found not to be keeping written records of details that showed internal controls were being followed, which is a breach of Section 8(1) of the Anti-Money Laundering Act.
Finally, the third order related to an absence of documentation about internal controls implemented by SkillOnNet, which is also considered a breach of Section 8(1) of the Anti-Money Laundering Act.
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Reprimands for Business Practices and Whistleblower Scheme
The first of the reprimands handed to the company was due to inadequate business practices. Spillemyndigheden said that before 16 October 2023, SkillOnNet’s business procedures for forming relationships with customers were inefficient as there was a “discrepancy between the business procedure and practice”. This was found to have been in breach of Section 8(1) and Section 18(1) of the Anti-Money Laundering Act.
The second reprimand related to the company’s whistleblower scheme. Until June 2023, the scheme was only accessible through email, which removed layers of anonymity and was found to be in breach of Section 35(1) of the Anti-Money Laundering Act.
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