Lotteritilsynet to Monitor Banks Over Illegal Gambling

Today Norway's gaming regulator Lotteritilsynet announced that it will be monitoring the nine major banks in the country to ensure that they're not processing illegal gambling transactions.

Under the country's gambling laws, banks cannot process deposits or withdrawals for their customers that are dealing with an unlicensed betting site. The move via an announcement to the banks from the regulator, who reminded the institutions of their responsibilities. The banks are being given three weeks to respond to Lotteritilsynet with information on the measures they're taking to stop the transactions from taking place.

In a statement, Lotteritilsynet counsel Rannveig Gram Skår noted: "For a long time, we've focused on dialogue with Norwegian banks and financial institutions. For the first time, we have 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.

"We largely expect to see that the banks have effectively complied with our decisions."

Casino Listings News is following this story and will update readers as we learn more.