According to the DGA, Tipwin has not implemented the correct risk assessment policies and operational procedures that would mitigate the risk of money laundering.
It said: “By neglecting to prepare a risk assessment, Tipwin has not had a useful tool to provide an overview and understanding of where and to which extent Tipwin is in risk of being abused for purposes of money laundering or financing of terrorism.
“By neglecting to prepare a risk assessment, policies and sufficient business procedures for their provision of land-based gambling products, Tipwin has exposed itself to a significant risk of being abused for purposes of money laundering.”
The land-based failings relate to self-service betting terminals, prize receipts and credit vouchers, while the operator also failed to assess customers that made transactions of more than €2,000 within 24 hours.
Further breaches were identified in the training of staff because Tipwin had not sufficiently ensured or documented that all employees had received the correct AML training.DGA: “By neglecting to prepare a risk assessment and sufficient business procedures for their provision of land-based gambling products, Tipwin has exposed itself to a significant risk of being abused for purposes of money laundering.”
The breaches were not only limited to retail as the DGA revealed Tipwin’s online betting and casino website failed to follow the sufficient procedure with regards to notifying Denmark’s Money Laundering Secretariat.
As well as turning the company over to the police, the regulator has imposed its own enforcement order on Tipwin.
The operator now has a three-month deadline to correct the identified breaches, which are outlined in full on the DGA’s website.
Tipwin was founded in 2011 and is an international sports betting operator based and licensed in Malta via the MGA. It is also licensed in Germany by the city of Darmstadt and is a major player in the market, having struck several high-profile sponsorship deals with leading football clubs, including Bayer 04 Leverkusen.
A note on the firm’s website states: “As an international company, we place a great emphasis on compliance with the respective national policies and guidelines.
“In particular, we find the protection of players and youth very important as well as data protection and the security of money transfers.”
