LeoVegas was today issued a warning and sanction fee of SEK 2M by the Swedish Gambling Authority. According to the regulator, the company is considered to have been in breach of certain customer due diligence routines with respect to its Swedish customers, during the first year of the Swedish market being regulated (2019). LeoVegas intends to appeal the decision.
The Swedish Gambling Authority today announced a decision to issue LeoVegas Gaming plc a warning and sanction fee of SEK 2M pertaining to a supervisory case from 2019 concerning the company's customer due diligence routines for Swedish customers. According to the case, the Swedish Gambling Authority has only reviewed the company's routines in 2019.
LeoVegas is continually developing its policies to ensure compliance and had already before today's decision changed and updated its customer due diligence routines.
LeoVegas intends to appeal today's decision in order to allow a court to review the matter and give the entire industry further guidance on how the current regulation is to be interpreted.
LeoVegas has 14 brands and licences in eight separate jurisdictions. Each year the company is subject to numerous audits and reviews by local supervisory authorities and external auditors. Compliance has top priority at LeoVegas and is an area that the company is continually developing in order to meet the requirements that the regulators – but also the company itself – puts on its operations.
For further information, please contact:
Gustaf Hagman , Group CEO
+46 (0) 8 410 367 66, firstname.lastname@example.org
Daniel Valiollahi , Director of Communications and Public Affairs
+46 (0) 70 110 29 34, email@example.com
Philip Doftvik, Director of Investor Relations and Corporate Finance
+46 73 512 07 20, firstname.lastname@example.org
About LeoVegas Mobile Gaming Group:
LeoVegas vision and position is "King of Casino". The global LeoVegas Mobile Gaming Group offers casino, bingo, live casino and sports betting games. The Parent Company LeoVegas AB (publ) is domiciled in Sweden , and operations are based primarily in Malta . The company's shares are listed on Nasdaq Stockholm. www.leovegasgroup.com
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Swedish Gambling Authority decides on warning and sanction fee for LeoVegas
SOURCE LeoVegas Mobile Gaming Group