Wednesday, June 29, 2022
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Ksa warns of sanctions if ‘insufficient’ financial compliance continues

The Dutch gambling regulator, Kansspelautoriteit, has issued a further warning to online games providers within the country, stating that they are “still insufficiently complying” with financial obligations.

This comes after the authority reported that it has conducted an investigation into compliance with the obligations that online gambling providers have under the Money Laundering and Terrorist Financing (Prevention) Act, as well as consulting data from the Dutch Financial Intelligence Unit.

As a result, the Ksa stated that the research shows that online gambling providers only see a reason to check if the origin of funds is compatible with the player’s income when deposits are much higher than €2,500 into a player’s account.

“The Ksa emphasises that spending large amounts on games of chance is only possible for few people; after all, an average net monthly salary is approximately €2,500,” the regulator noted. 

“The Ksa therefore expects licence holders to conduct earlier research. This is important from the point of view of preventing gambling addiction (consumer protection) and money laundering (crime).”

Furthermore, the regulator added that it will also undertake further investigations into two licence holders in response to the findings.

It is added that it “also appears that online gambling providers do not report all transactions,” such as those of €15,000 in 24 hours or other unusual transactions, to FIU-the Netherlands which “they are obliged to do so”.

“Another shortcoming is that many unusual transactions are not reported as quickly as possible. A transaction must be reported within 14 days at the latest,” it is added.

As a result, the Ksa has issued a warning to all licensed incumbents of the Dutch market, with it said that further sanctions will be imposed if the shortcomings continue.

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