The Norwegian Gambling and Foundation Authority, known as Lotteritilsynet, has announced its plan to closely monitor nine undisclosed banks. The aim is to investigate whether these banks are authorizing transactions from illegal gambling operators.
This initiative is in line with Section 5 of the Norwegian Gambling Act, which explicitly forbids banks from facilitating payment transactions with unlicensed gambling operators.
Rannveig Gram Skår, Senior Advisor and Lawyer for the Norwegian Lottery Authority, stated, “While we have been engaging in dialogue with Norwegian banks and financial institutions for some time, this is the first instance where thorough oversight of compliance has become necessary.”
As part of the monitoring process, the banks have been asked to provide information on the measures they have taken to ensure compliance with Section 5. This includes details on transactions, account numbers, and any precautions they have implemented.
Skår emphasized, “Prohibiting payment services is a vital tool for safeguarding the Norwegian ownership model. The objective of this model is to prevent gambling-related issues and negative consequences.”
The Authority also confirmed that further investigations will be conducted in the coming months.
Skår concluded, “The banks have a three-week deadline to submit the requested documentation and information. We expect to see substantial evidence of their effective compliance with our decisions.”
In neighboring Denmark, Spillemyndigheden recently introduced the ‘Player ID’ system for in-store gambling, which will officially launch on October 1st.