👀 Denmark🇩🇰: Inpay temporarily barred from entering into new agreements with gambling companies over AML failures

👀 Denmark🇩🇰: Inpay temporarily barred from entering into new agreements with gambling companies over AML failures

Following an inspection conducted in March by the Danish financial regulator (Finanstilsynet), the fintech company was temporarily prohibited from entering into new agreements with gambling companies.

➡️ Who is Inpay❓ — Inpay was founded in 2022 and, as an electronic money institution, holds the relevant license under the Danish Payments Act. It specializes in international cross-border payments as an alternative to traditional SWIFT bank transfers. Its customer base includes corporations, financial institutions, cryptocurrency companies, and gambling businesses.

➡️ Reason for the sanctions: “failure to adequately determine the purpose and nature of business relationships that give rise to suspicion”, as well as “failure to properly assess high-risk customers with regard to money laundering and terrorist financing”.

➡️ Aggravating factors: the Danish Financial Supervisory Authority (FSA) considers that the violations are aggravated not only by the type of customers, but also by the complexity of the ownership structures of the companies involved, taking into account their international scope. Formally, most of these companies do not hold the gambling licenses required to operate in the EU.

➡️ Outcome: according to available information, Inpay agreed to voluntarily suspend entering into new business relationships with companies in the gambling sector until it submits the necessary documentation to Finanstilsynet confirming improvements to its anti-money laundering measures.

#news #Europe #gambling

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