KSA updates guidelines for Money Laundering and Terrorist Financing (Prevention) Act

In an effort to tackle unethical practises in the country, the KSA has consulted with operators, stakeholders and regulators to draw up new guidelines.

ksa updates act
Listen To Article

The Kansspelautoriteit (KSA), the Dutch Gaming Authority, has updated its Money Laundering and Terrorist Financing (Prevention) Act.

Known more commonly as the AML Act, or Wwft, this applies to all forms of gambling in the country, across both land-based and online providers.

As part of this, operators must constantly monitor transactions from customers and report anything that breaches guidelines to the Dutch Financial Intelligence Unit. In the updated guidelines, the KSA explains the importance of AML, stating: “Obscuring or disguising the origin of criminal earnings money enables individuals to escape the hands of government agencies among others to stay and also benefit from the criminally earned money.

“This can be done, for example, by using that money to acquire a position in the upper world and thus exert influence (undermining).

“Therefore, money laundering is a serious threat to society, the economy and also affects integrity of the financial sector.”

Prior to this update, the AML guidelines were last amended on 1 April, 2021 alongside the Remote Gambling Act. The updates include a step-by-step plan that operators can follow to investigate a player’s source of income, including examples.

According to the new guidelines, there are a range of triggers that can launch an investigation, depending on what kind of games the customer is playing. For example, if the person under suspicion is playing poker but losing large amounts to the same player over and over again or if a player is betting on all possible outcomes on a game of chance, such as betting on both red and black.

Another factor the KSA has warned operators to watch out for is people using unusual denominations and amounts of notes in land-based casinos, or using a different card to withdraw than the one used to deposit for online casinos.


Casino News Sponsor
Premium+ Connections
Premium
 
 
Premium
 
Premium
 
Premium
 
Premium
 
 
Premium
 
Premium
 
Premium Connections
Consultancy
Executive Profiles
Hard Rock Hotel & Casino Tejon
Evolution
Follow Us

Facing Facts: Analysing figures from emerging gambling markets

Where is the gambling market on the rise, and are there any...

Taking Stock: A guide to lottery/iLottery operator and supplier prices

Gambling Insider tracks lottery/iLottery operator and suppli...

New Horizons Cover Feature: United Arab Emirates

With its first land-based casino set to open in 2027 and a n...

New Horizons Cover Feature: Brazil

Brazil performed quite the feat by getting its heavily delay...

The best of Malta at the Global Gaming Awards

Powered by Gambling Insider, the Global Gaming Awards are th...

Preview: SiGMA Malta 2024

A place in the winter sun: SiGMA returns to the home of iGa...

Company profile: Soft2Bet

Bill 55: Advantages and challenges for Maltese operators in...

Company profile: DS Virtual Gaming

DS Virtual Gaming is a leader in the gaming industry, utilis...