Cashpoint Limited reprimanded for breach of the Anti-Money Laundering Act
On 29th March, 2023, the Danish Gambling Authority has given Cashpoint Limited a reprimand for breaching the rules on business procedures on KYC measures in section 8(1) of the Anti-Money Laundering Act cf. section 11(1)(2).
The reprimand is given because Cashpoint Limited up until the 21st of December 2022 had insufficient business procedures on KYC measures for land-based betting because in connection with KYC measures, no copy was to be made of the ID, which customers must show to have winnings of more than DKK 14,870 paid out. Thereby, Cashpoint Limited did not comply with the obligations on sufficient business procedures on KYC measures.
The reprimand does not entail an obligation to act for Cashpoint Limited since the breach no longer exists because Cashpoint Limited subsequently revised their business procedures on KYC measures for land-based betting.
The Danish Gambling Authority notes that the rules on business procedures on KYC measures are fundamental parts of the Anti-Money Laundering Act. As a rule, breaches of the rules lead to an order or a reprimand or in serious or repeated cases, they are reported to the police.