British and Swedish regulators sign a MoU to conduct best practice
The UKGC and Spelinspektionen have signed a Memorandum of Understanding.
The Swedish Gambling Authority (Spelinspektionen) and the UK Gambling Commission (UKGC) have agreed to enhance their cooperation. An announcement communicated: British and Swedish regulators sign a MoU (Memorandum of Understanding).
British and Swedish regulators sign a MoU
The agreement came into force on the 11th of November and outlined the intention in place to both conduct best practice in the areas of procedures and regulatory policies.
This could mean liaising in connection with anti-money laundering, policy and supervisory issues. Additionally, it could also mean sharing information about remote gaming operators. The two bodies will periodically review the effectiveness of the agreement and identify areas of improvement.
Both agencies have agreed to work closely in supervisory and policy matters.
The UK Gambling Commission
The UKGC has a lot of responsibilities that include player and social protection, anti-money laundering and the protection of gambling from criminal activity. The UKGC is known as one of the stricter regulators, and besides issuing licenses, they also consult stakeholders with regards to weighing new regulations. One example surrounds the risk of using credit cards in gambling. Last month, the UKGC instructed operators to remove games offering the Feature Buy option. The regulator’s work is ongoing.
It’s expected that cooperation will benefit all stakeholders.
The Spelinspektionen is the UKGC equivalent, and are responsible for ensuring the reliability, safety and legality of gambling in Sweden. This regulator also has a reputation for being tough. The regulator signed a similar MoU with the Malta Gaming Authority (MGA) and with Gibraltar a few months earlier. News that the British and Swedish regulators sign a MoU is expected to be a plus for the industry.