The Kansspelautoriteit (KSA), the gambling regulator in the Netherlands, has issued a substantial fine to Betent, operating under the Betcity brand, for violating the country’s regulations on Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF). The fine amounts to EUR 3 million, or roughly $3.27 million.

The Netherlands’ AML and CTF law, known as WWFT, requires gambling licensees to monitor customer activity and report suspicious transactions to the Dutch Financial Intelligence Unit (FIU). Operators are expected to implement know-your-customer (KYC) measures, assess client risk profiles, and ensure their operations do not facilitate money laundering or terrorism financing.

Betent’s AML and CTF measures were found to be lacking, despite warnings from the KSA in September 2022. The operator failed to fulfill its obligations, leading to ongoing violations. Betent either did not conduct investigations or initiated them too late, was lax in requesting sources of income from customers, and failed to report unusual transactions to the FIU.

Due to the seriousness of these violations, the KSA imposed a significant fine of EUR 3 million on Betent. René Jansen, chairman of the KSA, emphasized that licensed gambling companies were warned in May 2022 to comply with WWFT regulations, and non-compliant companies risked fines. Jansen noted that sanctions are now being imposed as the market moves out of its start-up phase, with no more excuses accepted.

Meanwhile, the KSA is searching for a suitable replacement as Jansen, the current chairman, is set to depart from the authority next year. The regulator also announced subsidies for six gambling harm prevention research programs as part of its ongoing efforts to address gambling-related issues.

Overall, the KSA’s actions demonstrate its commitment to upholding AML and CTF regulations and ensuring compliance within the gambling industry, with firm consequences for those who fail to meet the required standards.

By admin