KSA Issued a Fine to Betent for CTF and AML Violations
Kansspelautoriteit, the gambling regulator of the Netherlands, found Betent guilty of violating regulations on Counter-Terrorism Financing and Anti-Money Laundering. As a result, the KSA issued a fine to Betent worth $3.27 million.
Under the Dutch Anti-Money Laundering and Counter-Terrorism Act (WWFT), gaming licensees must keep tabs on their customers’ activities and notify the Dutch Financial Intelligence Unit of any questionable transactions (FIU). According to sports betting experts, operators need stringent know-your-customer (KYC) procedures, client risk assessments, and operational anti-money-laundering and anti-terrorism safeguards.
It comes out that Betent’s anti-money laundering and counter-terrorism policies were inadequate. Betent did not adequately carry out its duties, notwithstanding the KSA’s September 2022 warning that the operator should execute these investigations correctly.
KSA Issued a Fine to Betent
According to sports betting odds experts, the KSA re-investigated Betent’s operations later and discovered that the breaches had endured. The regulator found that Betent often failed to initiate or delay inquiries. Also, the business was careless in asking clients for their money sources. Additionally, the KSA highlighted that Betent could not notify the FIU of several suspicious transactions. The KSA punished Betent with a hefty three million euros for these significant infractions.
Kansspelautoriteit chairman René Jansen commented on the subject, recalling that the body had issued a general warning to licensed gaming enterprises in May 2022. Back then, the regulator warned that fines would be levied on enterprises that were not compliant and requested that all licensees arrange their WWFT affairs. The best online sportsbooks comply with the rules.
By the way, Jansen will be leaving his position as chair of the KSA next year. The regulator is already seeking a potential successor. Meanwhile, six research initiatives aimed at preventing gambling damage have recently been subsidized by the KSA.
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