Australia has issued a clear warning to both SoftSwiss and Dama NV, two major entities within the online gambling and crypto industries. In recent months, the Australian government has raised alarms about the potential for money laundering through platforms linked to these companies. With the Australian Transaction Reports and Analysis Centre (AUSTRAC) ramping up investigations, SoftSwiss is facing a critical juncture that could determine the future of its Australian operations.
The government’s concerns focus primarily on Dama N.V iGaming operations, many of which are powered by SoftSwiss’s platform. Despite the gambling giant’s claims of regulatory compliance, Australian authorities are not convinced that either Dama NV or SoftSwiss are doing enough to prevent money laundering. Reports suggest that SoftSwiss’s insufficient transaction monitoring and lax anti-money laundering protocols have made it easier for illicit funds to flow through the platform unchecked.
The Australian government’s warning follows a growing trend of increased scrutiny on iGaming operators using crypto for transactions. In the case of Dama N.V, which is heavily involved in the crypto space, regulators fear that the combination of high-risk players, anonymous transactions, and unregulated operations is creating an environment ripe for financial crime. SoftSwiss, as the backbone of many of these platforms, is under fire for enabling a system that could facilitate money laundering on a massive scale.
The Australian government has not taken kindly to SoftSwiss’s dismissive attitude toward these concerns. Authorities have issued a stern warning, urging the company to clean up its act or face severe consequences. For SoftSwiss, this marks a critical moment in its operations in Australia. The clock is ticking, and failure to act could result in hefty fines, regulatory sanctions, or even a ban on operating in the country altogether, and from what we seeing SoftSwiss is on purpose falling to conduct and obey the AML rules.
