The Danish Gambling Authority (Spillemyndigheden) has called attention to the latest update published by the Financial Action Task Force (FATF). In the update, the intergovernmental body introduced, among other things, changes to its grey and black lists, adding new jurisdictions.
FATF Updates the Grey List
The FATF’s two lists outline high—risk jurisdictions with lax measures to combat money laundering and terrorist financing (AML/CFT). The list has proven effective in raising awareness of the dangers dealing with such regions may present.
For context, the grey list includes the following jurisdictions: Algeria, Angola, Bulgaria, Burkina Faso, Cameroon, the Ivory Coast, Croatia, DR Congo, Haiti, Kenya, Lebanon, Mali, Monaco, Mozambique, Namibia, Nigeria, the Philippines, South Africa, South Sudan, Syria, Tanzania, Venezuela, Vietnam and Yemen.
Lebanon stands out as the most recent addition to the list. Gibraltar, on the other hand, was recently removed from the list.
The black list, on the other hand, lists the Democratic People’s Republic of Korea, Iran and Myanmar. This list encompasses countries that refuse to participate in international AML/CFT efforts.
Operators Should Keep the Lists in Mind
As for the Spillemyndigheden, the regulator reminded that operators must keep the FATF’s list of high-risk jurisdictions in mind when risk-assessing players.
For context, operators are required to conduct enhanced customer due diligence as per section 17(1) of the Danish AML Act in order to minimize the risk when dealing with players suspected of misusing money for fraud. This risk assessment must be conducted as per Annex 3 of the AML act.
Operators, however, are not required to perform enhanced customer due diligence simply because a country has been listed on the grey list. According to the Spillemyndigheden, enhanced customer due diligence is only required for players from markets in the EU Regulation of High Risk Third Country list pursuant to. 17(2) of the AML Act.
The Danish regulator has been working hard to fight fraud and unlicensed gambling. As a result, it recently blocked 79 illegal gambling websites, bringing the total number of blocked websites in 2024 to 162.