ATG Fined Three Million Kronor for Money Laundering Breaches

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ATG Fined Three Million Kronor for Money Laundering Breaches
Photo: Oscar Olsson/TT

Aktiebolaget trotting and gallop (ATG) has in a serious way breached the rules for preventing money laundering. The company is warned – and shall pay a penalty fee of three million kronor, the Court of Appeal in Jönköping rules.

It was the Gaming Inspectorate that in November 2022 imposed a penalty fee of six million kronor on ATG, since the authority considered that ATG had not done enough work to minimize the risks of money laundering and terrorist financing.

ATG appealed to the Administrative Court, which gave the company the right and repealed the decision. But now the higher instance has instead given the Gaming Inspectorate the right.

"It is a matter of a breach of fundamental rules on customer control and it has been a matter of significant amounts", says judge Louise Millqvist in a press release.

On the other hand, the breach is not considered so serious that it justifies such a high penalty fee as the Gaming Inspectorate has applied for.

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By TTEnglish edition by Sweden Herald, adapted for our readers

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