The gambling regulator for the Netherlands, Kansspelautoriteit (KSA), has imposed a substantial fine of 3 million EUR on BetEnt.
Entain’s Dutch unit has been found guilty of significant failures against the Money Laundering and Terrorist Financing (Prevention) Act (Wwft).
The regulator noted that BetEnt, which operates under the name BetCity, frequently initiated AML investigations late, laxly requested sources of income from players, and had inadequate customer risk profile investigations between December 2022 and May 2023.
KSA stance
According to the Wwft, gambling operators must monitor their customers’ transactions and report unusual transactions to the Dutch Financial Intelligence Unit (FIU).
René Jansen, Chairman of the Board at the KSA had this to say on the matter:
“The Ksa gave a wide warning to licensed providers in May last year that they had to quickly put their Wwft cases in order. We then indicated that when research shows that Wwft providers are underperforming, sanctions are imposed. We are now responding to that. We are now really out of the start-up phase of the market, and that also means that there are no excuses for some things.”
Entain’s response
Entain, which paid €850 million for BetEnt, acknowledges the KSA’s instructions in September 2022 and states that legal documentation includes customary contractual protections.
The operator has now expressed its commitment to implementing improvements, cooperating with the investigation along with maintaining high standards of player protection.
In lieu of the fine, BetEnt mentioned its efforts to seek clarity from the KSA but received no reply.
The regulator insists that the requirements are clear, and BetEnt should have known about its non-compliance.
Previous infringements
This is not BetEnt’s first reprimand as in April the operator faced a €400,000 fine from the KSA for improperly offering advertising to adults aged 18 to 24.
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