Danish Gambling Authority Highlights FATF List Updates for Operators
The Danish Gambling Authority has issued a notice regarding the latest updates to the Financial Action Task Force (FATF) lists. These classifications impact gambling operators, requiring them to integrate FATF’s assessments into their risk evaluation processes.
FATF Lists and Their Importance
FATF maintains two key lists: the Grey List and the Black List. The Grey List includes jurisdictions under increased scrutiny due to shortcomings in anti-money laundering (AML) and counter-terrorist financing (CTF) measures.
The Black List features jurisdictions that require enhanced countermeasures due to significant financial crime risks.
New Jurisdictions Added to the Grey List
The latest FATF update expands the Grey List with several new jurisdictions. The updated list now includes:
- Algeria, Angola, Bulgaria, Burkina Faso, Cameroon, Ivory Coast, Croatia, DR Congo, Haiti, Kenya, Laos, Lebanon, Mali, Monaco, Mozambique, Namibia, Nepal, Nigeria, South Africa, South Sudan, Syria, Tanzania, Venezuela, Vietnam, and Yemen.
Black List Remains Unchanged
The FATF Black List continues to feature North Korea, Iran, and Myanmar. No new jurisdictions have been added to this category.
Implications for Gambling Operators
Denmark’s Anti-Money Laundering (AML) Act mandates that gambling operators conduct Enhanced Customer Due Diligence (EDD) when a player poses a high risk of financial crime involvement. FATF’s lists are key indicators in this process.
However, Danish operators are only required to apply EDD if a jurisdiction is also listed as a High-Risk Third Country by the EU, according to Section 17(2) of the AML Act.
Regulatory Impact and Industry Considerations
The FATF lists serve as a reference for operators to strengthen compliance and consumer protection. Although the number of high-risk jurisdictions remains stable, ongoing concerns persist.
The removal of the Philippines from the Grey List signals progress in meeting FATF’s regulatory standards.