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TOTO Online to review player files after AML warnings
TOTO Online has promised the Kansspelautoriteit (KSA) to review player files and improve customer due diligence after the Dutch gambling regulator warned the operator over anti-money laundering breaches.
The regulator had found violations of the Netherlands’ Money Laundering and Terrorism Financing (Prevention) Act. After this, the Nederlandse Loterij, the parent company of TOTO Online, stated it wanted to work with the regulator to fight against money laundering and improve its operations.
TOTO Online mentioned:
“TOTO acknowledges the importance of effective supervision by the KSA. We continuously work to strengthen our position as the safest and most responsible operator, including with regard to anti-money laundering compliance. Together with the KSA, we are committed to achieving the best possible results in combating money laundering. In consultation with the KSA, TOTO has already further tightened its processes, procedures, and work instructions during the course of the investigation. As a result, we meet the regulatory requirements with regard to risk assessment, transaction monitoring, and verification of the source of funds used, as is to be expected of us.”
Improvements have already been made in the operations of TOTO Online; however, the company has received a six-month timeline to solve additional violations. After this period, the regulator will reinspect TOTO’s operations.
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