Licensees in the Netherlands are required to comply with regulations outlined in the Wwft. However, an investigation conducted by KSA and data from the Financial Intelligence Unit (FIU-the Netherlands) have revealed instances where certain rules were not being adequately followed.
The KSA’s findings indicate that some operators failed to verify the origin of customers’ money. It was observed that many licensees only deemed it necessary to perform such checks when players made deposits exceeding €2,500 (£2,097/$2,627). This is concerning because spending such a large amount on games of chance is only feasible for a small fraction of the population, given that the average net monthly salary in the country is approximately €2,500. To prevent gambling addiction and money laundering, the KSA expects license holders to conduct earlier investigations.
The KSA also noted insufficient compliance with regulations pertaining to the reporting of unusual transactions. According to these regulations, licensees must report transactions of €15,000 or more in a 24-hour period and other unusual movements to FIU-the Netherlands. However, some operators were found to be failing in this regard. Additionally, the regulator highlighted that many unusual transactions were not being reported promptly. The country’s license conditions state that such transactions should be reported within 14 days.
In response to these findings, the KSA issued a warning to all licensees operating in the country’s regulated online gambling market, highlighting these deficiencies. The regulator emphasized that if subsequent investigations reveal that these issues persist, it possesses the authority to impose sanctions.
Last month, the KSA initiated an investigation into gambling advertising that potentially targets minors and young individuals aged between 18 and 24. The regulator stressed that such advertising, including the promotion of bonus offers to young people, is strictly prohibited. The KSA emphasized that young individuals are particularly susceptible to gambling addiction.
