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Dutch Regulator (KSA) Adds More Value to Players' Protection by Introducing Measures for Anti-Money Laundering Prevention

July 12, 2019 Aleksandra Zolotic

Dutch Regulator (KSA) Adds More Value to Players' Protection by Introducing Measures for Anti-Money Laundering Prevention

Dutch gambling regulator Kansspelautoriteit (KSA) has published its first official set of guidelines. The aim is to prevent money laundering and financing of terrorism in the country’s gambling market. Despite the fact that…

…KSA’s announced rules are not classed as being legally binding or part of country’s regulations, the institution stressed out that the purpose of these measures is to protect both licensees and players from certain threats.

One Set of Rules for All

At the moment the new guidelines only apply to land-based establishments operated by Holland Casino, Dutch gambling monopoly. However, the plan sees them extended to online gambling suppliers when new laws come into force permitting such activities, with certain exemptions in place for slot machines, sports betting…

…and lottery providers. As far as KSA recommends, an operator should have in place an anti-money laundering policy. The regulator added that its licensees take a risk-based approach when drawing up this strategy. These measures should be revised and adjusted on a regular basis so to guarantee they are in accordance with current regulations and technologies.

ID Verification Checks

Among the KSA’s suggested measures is a requirement for licensees to conduct identity verification checks which should apply to all consumers. The regulator clarified that this would help to control the ’ transactions. This way the venue will be allowed to take actions…

…if they evaluate that a consumer is at risk of becoming an addict. The operator is supposed to carry out verifications before it processes any transactions with the customer. The check should be conducted afterward as well if a consumer wants to either spend or withdraw a least €2,000 (£1,797/$2,253). This will be done…

…in case there’s a suspicion of money laundering or if they have been involved with this activity in the past. It will also be needed if there are doubts about the player’s ID accuracy or if an individual is a politically exposed person.

Additional Investigations

The regulator also highlighted that in some cases, it may be necessary to carry out a stricter client investigation. This will be the operator’s duty and will be conducted if a business relationship or transaction implies a higher risk of money laundering or terrorist financing. Moreover, this will also be done…

…in the case of complex and unusually large transactions. If the ID verification of the client is not possible, or obligations of the client due diligence cannot be met, operators would be required to terminate their relationship with such an individual.

Regarding this particular situation, suppliers are required to report any unusual transactions to the Kannsspelautoriteit. These should be flagged with FIU-the Netherlands. This institution oversees the regulation of money laundering and terrorist financing in the country.

Preparing for the Big Launch

As recommended by the regulator, all operators should conduct relevant training to make sure their staff fully understand and follow new guidelines. These measures are most definitely a result of opening the door to certified web-based gambling…

… which took place in In February, when the Dutch Senate ed the launch the market on January 1st 2021.

Source:

“Dutch regulator sets out anti-money laundering guidelines”, igamingbusiness.com, July 11, 2019.

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