The Dutch Gambling Authority (KSA) recently announced that they have fined Betent, a Dutch online gambling company, €3 million for violating anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. This is the largest fine ever imposed by the KSA and is a clear indication of their commitment to enforcing AML/CTF regulations.

Betent was found to have failed to properly identify customers, verify their identity, and monitor their transactions. The company also failed to report suspicious transactions to the Financial Intelligence Unit (FIU). The KSA found that Betent had not taken adequate measures to prevent money laundering and terrorist financing, and had not implemented effective internal control systems.

The KSA has warned other online gambling companies that they must take their AML/CTF obligations seriously. Companies must ensure that they have appropriate systems in place to identify customers, verify their identity, and monitor their transactions. They must also report any suspicious transactions to the FIU.

The KSA has made it clear that they will not tolerate any violations of AML/CTF regulations. Companies that fail to comply with these regulations can expect to face hefty fines. This is an important reminder for all online gambling companies to take their AML/CTF obligations seriously and ensure they have appropriate systems in place.

The KSA’s decision to fine Betent €3 million is a clear indication of their commitment to enforcing AML/CTF regulations. It is also a reminder for all online gambling companies to take their AML/CTF obligations seriously and ensure they have appropriate systems in place.