The Dutch Gaming Authority, also known as Kansspelautoriteit, has issued a notice to Tulipa Ent Limited for “violating the Prevention of Money Laundering and Terrorist Financing Act, the Wwwft.”
The company offers gambling in the Netherlands under the brand names ComeOn and Get Lucky. Within the notice, which has been made public via the gambling organizations website, it states that the client research by Tulipa Ent Limited hasn’t been carried out well enough.
The risk classifications are said to have not been properly applied and insufficient control over transactions and where players’ money comes from has been highlighted too.
“Also, Tulipa did not correctly record the FIU documentation of reports of unusual transactions,” the KSA states in a news release which has been translated into English. It’s due to this, that the gambling regulator says it cannot properly assess whether Tulipa complies with the reporting obligations, in which unusual transactions are passed on to the Financial Intelligence Unit Netherlands (FIU).
Tulipa Ent Limited offers gambling in the Netherlands under brand names ComeOn and Get Lucky
“Finally, Tulipa did not sufficiently coordinate the Wwft training courses with the different functional levels of employees, in particular employees working in the compliance function and the MLRO (Money Laundering Reporting Officer),” the Ksa continued within the public notice.
These specific training courses are required to ensure that employees can recognize an unusual transaction and carry out a client survey properly and completely.
Throughout the Ksa’s investigation, they report that Tulipa cooperated and have proactively worked on a recovery plan. Some violations are said to have already been terminated during the investigation and the company now has to stop all of the violations within a designated time period. Once the deadline for this has passed, the Netherlands-based gambling authority will carry out a re-audit to assess the situation.
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