Danish operators urged to be alert over money laundering risk

The Danish regulator is warning land-based operators to think about updating their money laundering risk assessments as the DKK1000 banknote prepares to be phased out.

Danmarks Nationalbank recently announced they will end circulation of the note with a view to combatting and preventing money laundering.

“The police expect that the criminals will use the time to get rid of their DKK1000 banknotes. Just as the banks must be particularly attentive when receiving 1000-krone banknotes in the coming period, gambling operators must also be so,” Spillemyndigheden said.

“This applies in particular to operators of land-based betting and land-based casinos. However, this also applies to operators of online gambling that allow funds to be deposited using prepaid credit cards and cash vouchers.

“The phasing out of the DKK1000 banknote is associated with a number of new risks. It may therefore be relevant to assess whether the phasing out of the DKK1000 banknote gives rise to updating one’s risk assessment. If money laundering is suspected, the Money Laundering Secretariat must be notified.”