Sweden’s gambling regulator is closing out the year by seeking the ability to impose stiffer fines on companies that violate anti-money laundering (AML) regulations.

On Friday, Sweden’s Spelinspektionen regulatory body said it had asked the Ministry of Finance to rewrite rules regarding the maximum penalty it’s allowed to impose on AML laggards. Spelinspektionen said the current maximum penalty of €1m is too low and it needs to be able to impose penalties that are “effective, proportionate and dissuasive.”

Spelinspektionen noted that many of its online gambling licensees “turn over large amounts and have a strong financial position.” Sweden’s largest licensees reported turnover of hundreds of millions of euros during the first nine months of 2019, which in Spelinspektionen’s view makes a €1m penalty “not sufficiently noticeable.”

Spelinspektionen wants to harmonize the AML penalty rules with those for violating the Gaming Act, i.e. a maximum fine of 10% of a licensee’s turnover in the previous fiscal year.