December 14, 2023 - 11:06 am

Betcity was fined for violating the Money Laundering and Terrorist Financing

The Kansspelautoriteit (Ksa) has fined Betent €3 million. Betent was fined for violating the Money Laundering and Terrorist Financing (Prevention) Act (Wwft). Betent offers online gambling services in the Netherlands under the Betcity brand. In 2022, Saudi Arabia issued a broad warning to licensed providers that they must quickly clean up WWft cases. We said then that if investigations show that providers are underperforming on WWFT, we will impose sanctions.

Investigate players betcity

Under the Wwft, gambling providers are required to monitor customer transactions and report unusual transactions to the Netherlands Financial Intelligence Unit (FIU). To do this, they must conduct customer research. For example, they must investigate who their customers are (identity checks), what transactions they do and what their risk profile is in relation to money laundering and terrorist financing risks. This client screening allows gaming providers to take timely measures or intervene to combat money laundering and terrorist financing.

The proportion of reviewed investigations is below standard
Ksa assessed Betent's customer investigations to determine whether they were conducted in accordance with the requirements of WWft. In September 2022, the Kansspelautoriteit instructed Betent to properly carry out these investigations and unusual transaction

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