According to Section 5 of the Gambling Act, it’s prohibited to facilitate payment transactions for deposits and withdrawals from gambling that do not have the required local gambling licence.
Speaking of the review Lotteri- og stiftelsestilsynet senior adviser Rannveig Gram Skår said:
Norway Regulator Opens Review into Illegal Gambling Banking Ban“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. 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 banks have now been informed that they must provide details to the gambling authority on the measures they have taken to stop transactions to and from identified unlicensed companies. The banks must also detail their internal routines for compliance with the ban.
Skår noted:
Norway Regulator Opens Review into Illegal Gambling Banking Ban“The banks have three weeks to submit the documentation and information we have requested. We largely expect to see that the banks have effectively complied with our decisions.”
News of the bank review follows the announcement that several unlicensed online gambling companies including ComeOn, Betsson, Unibet, and Bet365 are now in the process of leaving the local market following a series of regulatory investigations.
Ciaran has been working within the Gambling Industry as a deep analyst since 2019. His deep knowledge and understanding of all the gambling regulations, and processes makes him a true asset, and an always valuable point of view for Gambling Industry News, allowing us to cover every topics from a brand new perspective.