FCC Flash

On November 30, 2023, the Dutch Gaming Authority (KSA) imposed a penalty of USD 3.25 million on BetEnt for violating the Money Laundering & Terrorism Financing Prevention Act. BetEnt, operating under the trade name BetCity, stands as one of the leading online sports betting and gaming operators in the Netherlands, with its headquarters located in Amsterdam. In January, BetEnt was acquired by Entain PLC.

To read in detail, click here https://www.fcctimes.com/2023/11/30/entains-betcity-slapped-with-e3m-fine-by-dutch-regulators-for-compliance-lapses/?utm_source=RZOLUTWebsite&utm_medium=FCCFlash06Dec

The investigation into BetEnt’s activities, covering the period from December 2022 to February 2023, revealed instances of non-compliance by the gaming operator, including:

  • Failure to monitor customer transactions.
  • Neglect in reporting unusual transactions to the Dutch Financial Intelligence Unit during the customer research process.
  • Lack of identity checks on customers.