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Dutch Gaming Authority issues instruction to Tulipa

(PRESS RELEASE) -- The Netherlands Gambling Authority (Ksa) has issued a notice to Tulipa Ent Limited for violating the Money Laundering and Terrorism Financing (Prevention) Act (Wwft). Tulipa offers games of chance in the Netherlands under the brand names ComeOn and GetLucky.

The directive states, among other things, that Tulipa's customer due diligence is inadequate. For example, risk classifications are not applied correctly, and there is insufficient monitoring of transactions and the origin of players' money.

Tulipa also failed to properly document the FIU's unusual transaction reports. As a result, the Financial Intelligence Unit (Ksa) cannot properly assess Tulipa's compliance with its reporting obligation, which requires reporting unusual transactions to the Financial Intelligence Unit Netherlands (FIU). The Ksa has reminded Tulipa that after submitting a report to the FIU-Netherlands, a reporting party has 24 hours to receive the PDF containing all the reporting information. This PDF complies with the Wwft registration requirements in this regard.

Finally, Tulipa did not adequately tailor its Wwft training to the various job levels of its employees, particularly those working in compliance and the MLRO (Money Laundering Reporting Officer). This periodic training ensures that employees can recognize an unusual transaction and conduct a proper and complete customer due diligence.

Unusual behavior
The Ksa has the crucial task of monitoring gambling providers' compliance with the Wwft (Money Laundering and Terrorist Financing (Prevention) Act), to prevent money laundering and underlying crime, and to protect the financial system. For this reason, the Ksa conducts ongoing investigations into this matter at various providers.

Gambling providers must monitor their customers' behavior and take action if there is unusual behavior. Examples include a player suddenly depositing large amounts or if there is a suspicion of match-fixing. The Ksa pointed out in its Wwft Guidelines:(referring to another website) more likely to risk high deposits, even when they come from the player's bank account.

Next steps
The notice requires Tulipa to address the various violations within two and six months. During the investigation, Tulipa cooperated and proactively developed a remediation plan. Some violations were already addressed during the investigation. The Ksa will conduct a follow-up inspection after the deadline.

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