Norwegian Gambling Authority to monitor banks’ illegal gambling transactions
Regulator requests proof of compliance as Norway continues crack down on black market
The Norwegian Gambling Authority (NGA) has informed nine national banks that they are now under supervision to ensure they are rejecting illegal gambling transactions.
According to section five of Norway’s Gambling Act, it is illegal for banks to process deposits and payouts from gambling operators that do not have a licence.
Banks have been asked, via a briefing sent to them, to explain how they are preventing banned gambling companies from sending and receiving money to players in Norway.
Rannveig Gram Skår, NGA lawyer and senior advisor, has explained why the latest measure has been introduced.
Gram Skår said: “For a long time, we have focused on dialogue with Norwegian banks and financial institutions. For the first time, we have now chosen to open a more thorough inspection of compliance.”
Gram Skår added that the ban makes it harder for gamblers to play with illegal operators and will continue to protect Norwegians from gambling-related harm.”
Gram Skår commented: “We know that the payment intermediary ban is an important tool to protect the Norwegian sole proprietorship model. The purpose of the model is to prevent gambling problems and other negative consequences of gambling.”
The NGA and Gram Skår confirmed that the banks have three weeks to submit the documentation and information that has been requested.
The regulator added that more inspections into other banks will be opened where it is relevant to do so.