The Dutch gambling regulator, Kansspelautoriteit, has laid out a further warning to online games providers, underlining the importance of them “still insufficiently complying” with financial obligations.
It comes off the back of the authority detailing that it has conducted an investigation into the levels of current compliance with the obligations that online gambling providers have under the Money Laundering and Terrorist Financing (Prevention) Act, as well as consulting data from the Dutch Financial Intelligence Unit.
The Ksa emphasised that the research shows that online gambling providers only see a reason to check if the origin of funds is compatible with the player’s income when deposits are much higher than €2,500 into a player’s account.
The regulator issued a statement which read: “The Ksa emphasises that spending large amounts on games of chance is only possible for few people; after all, an average net monthly salary is approximately €2,500.
“The Ksa therefore expects licence holders to conduct earlier research. This is important from the point of view of preventing gambling addiction (consumer protection) and money laundering (crime).”
Furthermore, the regulator added that it will also undertake further investigations into two licence holders in response to the findings.
It is added that it ‘also appears that online gambling providers do not report all transactions’, such as those of €15,000 in 24 hours or other unusual transactions, to FIU-the Netherlands which “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.”