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The Netherlands’ gaming authority, the Kansspelautoriteit (KSA), recently issued warnings to Betent and Play North Limited for breaches of anti-money laundering (AML) and counter-terrorism financing (CTF) guidelines in 2022. These violations included the Money Laundering and Terrorist Financing (Prevention) Act (Wwft).
The KSA investigation showed that both gaming operators had not effectively monitored their players’ activity and had failed to furnish the regulator with necessary information. Furthermore, they violated the Wwft by failing to adequately check the source of their clients’ payments.
As a result, situations were uncovered in which participants suffered considerable losses in a short period of time. The inability of gaming corporations to intervene in such instances resulted in several Wwft breaches.
When the KSA discovered these infractions, it notified Betent and Play North Limited and urged them to improve their monitoring practices. However, neither company was able to successfully dispute the regulator’s decision.
Notably, Betent stated that the Wwft rules went into force only after the Dutch online gaming industry was opened, which the KSA ruled to be false. The KSA has now made its verdict public since it is final. Certain confidential information, however, will not be revealed due to the Wwft’s confidentiality requirements.
The warnings issued to Betent and Play North Limited demonstrate the Netherlands’ dedication to enforce AML and CTF legislation in its rapidly expanding online gaming business.