Kansspelautoriteit (KSA), the Netherlands gambling authority, has published its first guidelines on preventing money laundering and the financing of criminal activities through gambling verticals.
Though not ‘legally binding’, the provisions and best practices promoted by KSA have been developed to ‘comply with obligations’ established by the Netherlands ‘Wwft Prevention Act’.
Maintaining the integrity of Dutch financial systems, all business stakeholders and communities must adhere to the ‘Wwft’ code on preventing financial crimes and instruments which can fund criminal activities and terrorism.
In the document, the KSA seeks to provider gambling stakeholders with provisions related to customer screening, identification and verification processes.
Furthermore, KSA guidelines establish provisions for reporting ‘unusual financial transactions’, which licensed operators should request to be investigated.
“Part of this is in any case the verification of the identity of the player,” said the KSA statement. “The purpose of the investigation is also to control the player and his or her transactions. If these do not match the player’s ‘risk profile’, the gambling provider must conduct further investigation.”
Publishing its initial guidelines, the KSA states that it will initially apply its financial provisions, practices and standards for gambling monopoly Holland Casino, as the ‘only licensed holder’ offering casino games for the Netherlands.
KSA governance did not disclose whether any of its financial guidelines will be enforced in the development of a new Remote Gambling framework, which the regulator seeks to implement by the target date 1 July 2020.