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(PRESS RELEASE) — The Gaming Authority (Ksa) has today published the Guidelines for the Prevention of Money Laundering and Financing of Terrorism. It is the first Wwft guideline specifically for gambling providers.

With the Wwft guideline, the Ksa provides guidelines for gambling providers to comply with the obligations arising from the Wwft. The purpose of that law is to prevent criminal money from being laundered or used for terrorism.

An important Wwft provision for gambling providers is that there should always be a so-called client investigation. Part of this is in any case the verification of the identity of the player. 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. This is the case, for example, if there is doubt about the information provided or if there is a suspicion of money laundering. Another important Wwft provision is that gaming providers must report unusual transactions. This is the case, for example, if someone exchanges 10,000 euros or more in cash for gambling chips.

The Guideline Wwft of the Ksa currently only applies to the gaming casinos of Holland Casino, the only license holder for offering casino games in the Netherlands. If the Remote Gambling Act enters into force, the Wwft obligations also apply to providers of gambling via the internet. Online gambling is now still prohibited in the Netherlands. It is expected that from 1 July 2020 it will be possible to apply for a permit for this from the Ksa.

Source: Online.CasinoCity.com


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