Casumo Service Limited reprimanded for breach of the Anti-Money Laundering Act
On 5 July 2022, the Danish Gambling Authority have given Casumo a reprimand for breaching the rules on identification and risk assessment in section 7(1) of the Anti-Money Laundering Act.
The reprimand is given because Casumo’s risk assessment up until 11 March 2022 did not sufficiently include identification and risk assessment of customer types as it lacked identification and risk assessment of temporary accounts.
The reprimand is also given because Casumo’s risk assessment up until 11 March 2022 did not sufficiently include a separate identification and risk assessment of their products, since their provision of gambling products did not appear separately from the risk assessment.
Finally, the reprimand is given because Casumo up until 18 April 2022 had not identified and risk assessed their delivery channels sufficiently, since their app has not been risk assessed.
Based on this, the Danish Gambling Authority assesses that Casumo has not had a risk assessment which sufficiently contributed to ensure that Casumo was not abused for purposes of money laundering or financing of terrorism.
The Danish Gambling Authority notes that the rules on risk assessment is a fundamental part of the Anti-Money Laundering Act. As a rule, breaches of the rules and obligations lead to an order or a reprimand or in serious or repeated cases, they are reported to the police.
The reprimand does not subject Casumo to an obligation to act because Casumo subsequently has updated their risk assessment.
The Danish Gambling Authority notes that as of 18 April 2022, Casumo has withdrawn their licence and thereby no longer offers online gambling on the Danish market.