Zona de Azar Holland – KSA Claims Operators are “Insufficiently Complying” with AML Obligations

Holland.- 4th May 2022 www.zonadeazar.com The Dutch Gaming Authority (KSA) has issued a stern warning to all iGaming operators, calling their compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) law insufficient.

The KSA recently conducted an investigation concerning operators’ compliance with the Netherlands’ Money Laundering and Terrorism Financing Act.

According to the regulator, this revealed that “various obligations are insufficiently complied with.” Among other areas, the KSA said its research highlighted operators’ inadequate knowledge in regard to the origins of player finances.

“Many online gambling providers only see a reason to check whether this is compatible with a player’s income when deposits are much higher than €2,500 ($2,628),” stated the KSA.

It advised operators to initiate earlier checks, adding: “The KSA therefore expects licence holders to conduct earlier research. This is important from the point of view of preventing gambling addiction and money laundering.”

The regulator went on to say that two licensees will be further investigated in response to this finding.

Another shortcoming identified by the KSA concerned reporting. The regulator said that not all unusual transactions are reported by operators to the Finanical Intelligence Unit (FIU) for the Netherlands, despite them being obliged to do so.

It further reminded operators to report unusual transactions “as quickly as possible” and that such transactions must be reported within 14 days at the latest.

The KSA concluded: “The KSA has sent a warning to the online market pointing out the identified shortcomings, including those mentioned above.

“If further investigation shows that shortcomings continue, the KSA can impose sanctions.”

Edited by: @MaiaDigital www.zonadeazar.com