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Angel Hristov November 30, 2023 2 min read
KSA Issues $3.3M Fine to Betent for AML and CTF Violations
The Netherlands’ gambling regulator, Kansspelautoriteit (KSA), has slammed another operator with a hefty fine
The Netherlands’ gambling regulator, Kansspelautoriteit (KSA), has slammed another operator with a hefty fine. The recipient of the fine is Betent, which operates in the country under the Betcity brand.
According to the announcement, Betent will have to pay EUR 3 million (roughly $3.27 million) for its violations of the Dutch regulations on Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF).
Betent Failed to Comply
Known as WWFT, the Netherlands’ AML and CTF law requires gambling licensees to monitor their customer’s activity and report suspicious transactions to the Dutch Financial Intelligence Unit (FIU). To that end, operators must employ robust know-your-customer (KYC) measures, check their clients’ risk profiles and make sure that their operations do not facilitate money laundering or the financing of terrorism.
As it turns out, Betent’s AML and CTF measures were lacking. While the KSA warned the operator to properly conduct these investigations back in September 2022, Betent failed to properly fulfill its obligations.
The KSA later investigated Betent’s business again, only to find out that the violations persisted. In many cases, the regulator reported, Betent either did not conduct investigations or started them too late. In addition, the company was lax in requesting sources of income from its customers. The KSA also pointed out that, in many cases, Betent did not report unusual transactions to the FIU.
Because of the seriousness of these violations, the KSA opted to hand Betent a significant fine of EUR 3 million.
Jansen: Licensees Were Warned
René Jansen, the chairman of the Kansspelautoriteit, commented on the matter, pointing out that in May 2022, the authority issued a broad warning to licensed gambling companies. Back then, the regulator asked all licensees to get their WWFT affairs in order and warned that incompliant companies risk fines.
We then indicated that if research shows that providers are underperforming in the field of the WWFT, sanctions will be imposed. We are now following up on this. We are now really out of the start-up phase of the market, and that also means that there are no more excuses for some things.René Jansen, chairman, KSA
Speaking of Jansen, the KSA chair is set to depart from the authority next year. The regulator is already on the lookout for a suitable replacement.
In the meantime, the KSA just unveiled subsidies for six gambling harm prevention research programs.