The Dutch Gaming Authority (KSA) has issued a stern warning to all iGaming operators, calling their compliance with anti-cash laundering (AML) and counter-terrorism financing (CTF) regulation inadequate.
The KSA just lately carried out an investigation relating to operators’ compliance with the Netherlands’ Dollars Laundering and Terrorism Funding Act.
According to the regulator, this disclosed that “various obligations are insufficiently complied with.” Among other spots, the KSA claimed its investigation highlighted operators’ insufficient know-how in regard to the origins of player funds.
“Many online gambling companies only see a purpose to check regardless of whether this is suitable with a player’s profits when deposits are much larger than €2,500 ($2,628),” said the KSA.
It encouraged operators to initiate earlier checks, incorporating: “The KSA for that reason expects licence holders to perform previously study. This is critical from the level of perspective of protecting against gambling dependancy and dollars laundering.”
The regulator went on to say that two licensees will be even further investigated in reaction to this discovering.
Another shortcoming discovered by the KSA involved reporting. The regulator reported that not all unconventional transactions are claimed by operators to the Finanical Intelligence Device (FIU) for the Netherlands, despite them being obliged to do so.
It additional reminded operators to report abnormal transactions “as swiftly as possible” and that these types of transactions should be documented in just 14 days at the most recent.
The KSA concluded: “The KSA has sent a warning to the on the web sector pointing out the determined shortcomings, together with those described previously mentioned.
“If further more investigation displays that shortcomings proceed, the KSA can impose sanctions.”