In a recent development, the Netherlands’ gambling regulator, Kansspelautoriteit (KSA), has wielded its regulatory power once again, slapping a substantial fine on operator Betent, operating under the Betcity brand. The fine, totaling EUR 3 million (approximately $3.27 million), comes as a consequence of Betent’s failure to comply with Dutch regulations concerning Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF).

Betent, operating in accordance with the WWFT, the Netherlands’ AML and CTF law, faced scrutiny for its lax AML and CTF measures. The law mandates gambling licensees to monitor customer activities, report suspicious transactions to the Dutch Financial Intelligence Unit (FIU), and implement robust know-your-customer (KYC) procedures. Despite warnings from KSA in September 2022, Betent persisted in its non-compliance, failing to conduct thorough investigations and neglecting to request sources of income from customers.

Persistent Violations and Subsequent Fine

A subsequent investigation by KSA revealed persistent violations by Betent. The company either neglected investigations or initiated them belatedly, raising concerns about the effectiveness of its AML and CTF protocols. The regulator noted Betent’s laxity in reporting unusual transactions to the FIU. Due to the severity of these violations, KSA opted for a significant penalty, imposing a EUR 3 million fine on Betent.

René Jansen, Chairman of Kansspelautoriteit, emphasized the gravity of the situation, recalling the warning issued to licensed gambling companies in May 2022. Jansen highlighted the regulator’s expectation for licensees to align with the WWFT requirements, cautioning that non-compliant companies risk fines. He reiterated the regulatory commitment to holding operators accountable, signaling the end of the start-up phase and emphasizing the elimination of excuses for lapses in compliance.