Kansspelautoriteit Slaps Betent with €3 Million Fine for AML and CTF Violations

Betent, operating as Betcity, faces a hefty EUR 3 million fine from KSA for non-compliance with Dutch AML and CTF laws. The regulations, known as WWFT, mandate stringent monitoring and reporting of customer activities by gambling licensees.

Betent's AML and CTF measures were found lacking, prompting KSA warnings in September 2022. Despite the caution, Betent failed to rectify its deficiencies, leading to a subsequent investigation revealing persistent violations.

The KSA uncovered instances where Betent either neglected investigations or initiated them belatedly. The company also failed to request income sources from customers and omitted reporting unusual transactions to the Financial Intelligence Unit (FIU), resulting in the substantial EUR 3 million fine.

René Jansen, KSA chairman, emphasized that licensed gambling companies were warned in May 2022 to comply with WWFT regulations. Jansen stated that sanctions would be imposed on non-compliant companies, and with Betent's case, the KSA is following through on this commitment. Jansen, set to depart next year, highlighted that the market is beyond the start-up phase, and there are no longer excuses for non-compliance.