The Dutch gambling regulator KSA published new guidelines to prevent money laundering and terrorism financing.
Netherlands.- The Kansspelautoriteit (KSA), the Dutch gambling regulator, published on Thursday the Guideline for the Prevention of Money Laundering and Financing of Terrorism (WWFT). This is the first guideline specifically for gambling providers.
The guideline provides rules for gambling providers to comply with the obligations arising from the WWFT. It aims to prevent criminal money from being laundered or used for terrorism, the regulator said.
“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,” explained KSA.
“Another important WWFT provision is that gaming providers must report unusual transactions. This is the case, for example, if someone exchanges €10k or more in cash for gambling chips.”
Gambling revenue in the Netherlands tops €2 billion
The gambling industry in the Netherlands has accomplished a new record in 2018. During last year’s operations, the Dutch gambling market generated €2.05 billion in revenue. This is the first time that the gambling market surpasses the €2 billion mark.
The Centraal Bureau voor de Statistiek (CBS) released the latest figures detailing last year’s performance. Revenue increased 11% from €1.85 billion in 2015, which is the year that the government body published market data for the last time. Moreover, the number also increased by €50 million when compared to 2017’s results.
Consumer spend drove the revenue growth as it increased 12% from 2015 to €2.5 billion. The revenue also helped increase tax income from gambling in the Netherlands. The industry contributed a total of €529 million in tax in 2018, up from 2015’s €476 million.