The Netherlands Gambling Authority (KSA) has ordered three operators to cease violating the country’s Money Laundering and Terrorism Financing (Prevention) Act (WWFT) or face potential sanctions.
The regulator has declined to name the companies in question.
While the investigation carried out by the regulator uncovered “several violations” of the WWFT, the KSA did not disclose which specific violations had taken place.
The KSA has instructed the offending firms to adhere to WWFT guidelines and put an end to the violations they are currently committing.
Failure to comply could result in a potential fine, the regulator warned.
A KSA statement read: “Gambling providers are required, among other things, to monitor player transactions and report unusual transactions to the Dutch Financial Intelligence Unit (FIU).
“The KSA has conducted a comprehensive investigation into the compliance with the WWFT by three gambling providers. Various documents were requested, including player files, internal documents on WWFT policy and risk assessments.”
However, the KSA noted the full anti-money laundering and terror financing guidelines are yet to be updated, although the authority has been providing operators with information because “it sees market-wide that providers’ compliance with the WWFT could be improved”.
Said guidelines were last updated in 2023 following feedback, with the KSA raising further awareness of the legislation through a webinar delivered in 2024.
The statement continued: “The KSA recognises across the market that there is still room for improvement in the WWFT and urges providers to be vigilant in this regard.
“The KSA has observed, among other areas, that providers do not always conduct this investigation thoroughly into the source of players’ funds. The KSA also sees shortcomings in the area of risk classification of players and the coordination of measures accordingly.”
Earlier this month, the KSA handed out sanctions to a trio of companies responsible for running the Casinoscout website, after it was found to be advertising illegal casinos to Dutch players.
SBM Holding Group, Sun Block Media Labs 2.0 and JEF Holdings were threatened with fines of up to €250,000 if they persisted with promoting black market operators.
The post KSA issues warnings to three operators over AML failings first appeared on EGR Intel.
Dutch regulator uncovered “several violations” of the Money Laundering and Terrorism Financing (Prevention) Act when conducting investigations into three unnamed companies
The post KSA issues warnings to three operators over AML failings first appeared on EGR Intel.