The KSA warns operators for AML shortcomings

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The KSA warns operators for AML shortcomings

The Dutch Kansspelautoriteit has issued warnings to two online gambling companies who failed to comply with the country’s WWFT act.

Having investigated the two unnamed operators, the Kansspelautoriteit found out that both were allowing their players to deposit and lose large amounts of money over relatively short amounts of time. This is against the country’s WWFT act, which is the Dutch law that aims to combat money laundering and the financing of terrorism.

Some of the cases highlighted by the regulator involved younger people losing thousands of euros over the span of a few months. A 21-year-old parted ways with 17 thousand euros in the span of three months, a 29-year-old lost over 25 thousand euros over just two weeks and a 26-year-old lost over 110 thousand euros in a single month.

These cases should have raised suspicions for the gambling firms, which should have subsequently reported them to the authorities.

The warning will be followed by a period of auditing for three months for the operators, during which the Kansspelautoriteit will ensure the two businesses make changes to comply with the rules set out by the WWFT.