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Norway cracks down on banks to enforce unlicensed gambling

Norwegian gambling news

The Norwegian Gambling Authority, known as Lotteritilsynet, is taking measures to ensure that banks comply with the ban on processing transactions with unlicensed gambling operators in Norway.

This action is part of an initiative to safeguard the country’s proprietorship model and address issues related to gambling. In accordance with Section 5 of the Norway Gambling Act, nine banks are currently being closely monitored to confirm that they are not facilitating payments to unlicensed gaming operators.

Rannveig Gram Skår, a senior advisor at the Norwegian Lottery Authority, stressed the significance of this audit.

It was highlighted that while there have been discussions with banks, stricter oversight is now required.”We have engaged in dialogue with the banks, but conducting this audit is essential to ensuring their adherence to the ban on processing transactions involving gambling and unlicensed operators,” Skår explained.

“This represents a step in safeguarding the ownership model and mitigating problems associated with gambling.” The Lotteritilsynet has sent inquiries to these banks requesting information about their policies and internal procedures aimed at preventing transactions with operators.

Notably, if any violations are discovered, the authority has the power to instruct banks to block accounts and companies from conducting transactions. Banks have been given a three-week time frame to respond.

It is expected that they have complied with the ban, effective immediately.

The main focus of Lotteritilsynet is to protect the proprietorship system, aiming to prevent gambling issues and other negative consequences associated with unregulated gambling.

This action has been taken as Norway continues to maintain a state gambling monopoly primarily overseen by Lottery Norsk Tipping and Norsk Rikstoto.

In contrast, the European Gaming and Betting Association (EGBA) has urged Norway to adopt a licensing model for neighboring countries such as Sweden and Finland.

This transition would help address concerns, like consumers resorting to gambling platforms.

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