Dutch regulator fines BetCity.nl parent €3 million for slack AML measures

Thursday, November 30, 2023 8:15 PM
  • Netherlands
  • Ted Menmuir, SBC News

Kansspelautoriteit (KSA), the gambling authority of the Netherlands, has imposed a €3 million [$3.3 million] penalty on BetEnt NV, the operating company of BetCity.nl. The penalty relates to BetCity.nl’s failure to comply with the rules of the Netherlands Money Laundering and Terrorism Financing Prevention Act (Wwft).

A subsidiary of Entain Plc, BetEnt was warned by KSA of shortcomings in AML compliance in September 2022, following concerns outlined by ‘customer surveys’.

Following its warning, KSA detailed that it had instructed BetEnt on how to properly conduct AML investigations and report unusual transactions to the Financial Intelligence Unit (FIU) in a timely manner.

KSA continued to monitor the BetCity activities to ensure BetEnt was adhering to the standards of the Prevention Act.