Holland Casino fined for anti-money laundering deficiencies
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2 Aug 2024 •
Reading time: 2 minutes Dutch casino giant Holland Casino has been fined by the gambling regulator Kansspelautoriteit (Ksa) for breaching strict anti-money laundering rules.
In 2019, Holland Casino was ordered to take corrective measures to address the deficiencies identified by the Ksa. This included strengthening its internal control procedures and implementing training to raise awareness among its employees about money laundering risks.
A thorough investigation by the Ksa revealed that Holland Casino had failed to implement sufficient controls to verify the origin of funds used by its customers and had also failed to adequately monitor gaming behaviour that could conceal illegal activities. These failures constitute a clear violation of the Dutch Money Laundering and Terrorist Financing Act (Wwft).
Consequences of Non-Compliance
The consequences of non-compliance with anti-money laundering rules can be severe for gambling operators. In addition to financial penalties, companies run the risk of having their reputation tarnished and being excluded from the market.
The problem of money laundering in the gambling sector is not unique to the Netherlands. Many countries around the world have tightened their regulations to combat this scourge. The Ksa’s decision is part of this global trend towards making the gambling sector safer and more transparent.
A strong signal to the sector
By making this matter public, the Ksa is sending a clear message to the entire gambling sector that compliance with regulations, including the Anti-Money Laundering Act, is a top priority. This sanction is intended to deter other operators from neglecting their legal obligations and to strengthen public confidence in the integrity of the Dutch gambling market.