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Dutch banking association NVB Banks will not help the government impose limits on gambling online due to concerns about privacy. The decision was made ahead of the discussions that will take place with Justice Ministry later in this week.
As a temporary measure, Legal Protection Minister Franc Werwind asked banks to take action in the event of excessive gambling expenditures. This is until legislation limiting spending limits are passed. The banks, however, have been reluctant to take action.
NVB spokesperson Ronit van der Schaaf told:
The number of gambling debtors has increased, but it is surprising that we have to take responsibility for solving the problem.
While banks have a legal obligation to check for terrorist financing and money laundering, they don’t monitor transfers made to gambling companies. Prioritizing privacy, they are against intrusive surveillance. To prevent debt, they propose to ban credit cards and limit advertising.
The ministry’s spokesperson doubts the effectiveness of a ban, saying that banks should set gambling limits. In the absence of a British-style ban on gambling payments, banks have refused to block them. Lithuanian Banking App Revolut The Netherlands.
KSA, the gambling regulator, reports that since the legalization in October of 2021 of online gambling, there have been hundreds of thousands new players. Many of them are experiencing debt problems, which can lead to depression or suicidal thinking.
The current system has a vulnerability due to the fact that accounts are not linked between different companies. Franc Weerwind, Minister of Legal Protection, plans to bring in a new system. €700 monthly spending limit Gambling addiction can be a problem for those who play online.
The limits, however, will be per firm. This allows problem gamblers the opportunity to have multiple companies. Players can set spending limits. Alarms will only sound if the limit is exceeded. €10,000. The amount of the loan is also checked to see if individuals are able to afford it.
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