The Dutch gambling regulator Kansspelautoriteit (KSA) has published its guidelines for the prevention of money laundering and financing of terrorism in the gambling industry in the Netherlands.
It should be noted that it is for the first time that the gambling regulator has specifically published such guidelines. Also, the guidelines are not legally binding and are only advisory in nature.
The KSA has said that the new measures would help protect both the gambling operators and the customers as well.
While the prevention of money laundering guidelines has been issued for the Dutch gambling monopoly Holland Casino which operates several land-based gambling venues in the country, it would also apply to online gambling operators once the regulations allowing online and remote gambling come into effect.
The new guidelines mandate the gambling operators to have a specific anti-money laundering policy in place. The operators are required to run a verification check on customers, and those whose identity could not be verified should not be allowed to wager.
Also, if a customer is to exchange €10,000 for gambling chips at a licensed casino or if they process a cashless payment transaction of € 15,000 or more, the gambling operator should inform the KSA.
Moreover, in a recent update, the Dutch gaming authority, Kansspelautoriteit, has confirmed that there are over 183 companies which have demonstrated an interest in a Dutch gambling license.