May 4, 2022 - 11:38 am

Casinos fail to comply with Prevention of Money Laundering and Terrorist Financing Act

Online providers of games of chance still insufficiently comply with Wwft obligations In recent months, the Dutch Games of Chance Authority (Ksa) has investigated compliance of online providers of games of chance with their obligations under the Money Laundering and Terrorist Financing (Prevention) Act. This showed that various obligations are insufficiently complied with. The Ksa has therefore warned all licence holders.

Unusual transactions

It has also emerged that online games of chance providers do not report all transactions (such as transactions involving more than 15,000 euro in 24 hours or other unusual transactions) to FIU-the Netherlands, although they are obliged to do so. Another shortcoming is that many unusual transactions are not reported as quickly as possible. A transaction must be reported within 14 days at the latest.

Investigation into the origin of money

The investigation showed, among other things, that many online games of chance providers only see a reason to check whether their deposits are in line with the player's income if they are much higher than 2,500 euros on a player's account. The Ksa therefore expects licence holders to carry out research at an earlier stage. This is important from the perspective of preventing gambling addiction (consumer protection) and money laundering (crime). The Ksa will initiate further investigation into two licence holders as a result of its findings.

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