KSA claims operators are insufficiently complying with AML obligations

The Dutch Gaming Authority (KSA) has issued a stern warning to all iGaming operators, calling their compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) law insufficient

The Dutch people Gaming Authority (KSA) has issued a tail warning to all iGaming operators, calling their compliance with anti-money laundering (AML) and counter-terrorism funding (CTF) practice of law insufficient.

The KSA of late conducted an investigating concerning operators’ compliance with the Netherlands’ Money Laundering and Terrorism Financing Act.

According to the regulator, this revealed that “various obligations are insufficiently complied with.” Among other areas, the KSA said its research highlighted operators’ inadequate knowledge inward compliments to the origins of player finances.

“Many online gaming providers only if see to it a conclude to arrest whether this is compatible with a player’s income when deposits are practically higher than €2,500 ($2,628),” stated the KSA.

It advised operators to enlightened before checks, adding: “The KSA hence expects licence holders to lead before research. This is important from the tip of sight of preventing gaming addiction and money laundering.”

The regulator went on to say that two licensees testament be farther investigated in response to this finding.

Another shortcoming identified by the KSA concerned reporting. The regulator said that non all unusual transactions are reported past operators to the Finanical Intelligence Unit (FIU) for the Netherlands, despite them existence obliged to make out so.

It further reminded operators to account unusual transactions “as quickly as possible” and that such transactions must be reported within 14 days at the latest.

The KSA concluded: “The KSA has sent a warning to the online marketplace pointing out the identified shortcomings, including those mentioned above.

“If farther investigation shows that shortcomings continue, the KSA tin impose sanctions.”