The Dutch regulator KSA starts investigation

The Dutch regulator KSA starts investigation

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The Dutch regulator KSA starts investigation

The Dutch regulator (KSA) has issued a warning to online gambling license holders, stating that some of them are performing their responsibilities “insufficiently” under the country’s Money Laundering and Terrorist Financing Act. 

In the Netherlands Licensees are needed to comply with the rules of Wwft, but the KSA investigation and FIU data showed that some rules are not being abided by.

In the words of KSA license holders must do research, as it stops money laundering and gaming problems. 

Outlining its findings, KSA stated that some operators do not check the origin of customers’ money, stating that many licensees see a reason to conduct these checks only when players make a 2,500 euros deposit.

Nevertheless, the KSA indicated that only a few people can spend such an amount of money on gambling, noting that the average salary is around 2,500 euros.

Within 24 hours transfers of above 15 thousand euros should be reported to the FIU, but sometimes this rule is also being violated. 

The regulators stated about unusual transactions, saying that according to the state’s laws unusual transactions should be reported in fourteen days, but it usually takes longer than that.   

After KSA started an investigation on casino ads, which attracts the youth. They stated that this type of marketing is banned as young people are at risk. 

It was announced that if these violations keep happening, sanctions will be applied.

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