Over AML, CFT failures

Entain's BetCity fined $3.26 million by Dutch gaming authority Kansspelautoriteit

2023-12-01
Reading time 1:03 min

Entain is facing a fine in the Netherlands as the Dutch gaming authority, the Kansspelautoriteit, has levied a penalty of $3.26 million (EUR 3 million) on its BetEnt subsidiary, operating as BetCity, a company acquired by Entain in January.

This move by the Dutch regulatory body was in line with the country's regulations related to money laundering and terrorism financing prevention.

As a major player in the sports betting and gambling space, Entain owns an array of recognized brands such as bwin, Coral, Ladbrokes, PartyPoker, and Sportingbet. This recent development involving BetEnt, however, has drawn attention to compliance issues and regulatory adherence.

The Dutch gaming authority highlighted the obligation for gambling providers to diligently monitor customer transactions, flagging and reporting any suspicious or abnormal activities to the Dutch financial intelligence unit 

"They must investigate who their clients are (identity check), which transactions they enter into and what their risk profile is in relation to the risk of money laundering and terrorist financing," the authority stated.

Entain acknowledged AML and CFT failures, specifying that they occurred between December 2022 and February 2023. The Dutch regulator said it initially ordered BetEnt to follow guidelines in September 2022 after identifying specific violations, also providing instructions on how to correct the issues. However, the regulator continued to find deficiencies when investigating customer transactions.

"Following completion, Entain commenced implementing improvements to BetCity's procedures and control frameworks, has fully co-operated with the KSA investigation and is committed to working with regulators in all its markets to ensure the highest standards of player protection," Entain said in a statement.

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