Lottstift Urges Norwegian Banks To Be Keen On Countering Illegal Gambling Transactions

Demand for Vigilance

Lottstift, the Norwegian Gambling Authority, has demanded that Norwegian banks be vigilant of all online casino gambling transactions and counter illegal charges.

The Norwegian Gambling Authority recently conducted research that revealed that more banks are contacting customers illegally. Lottstiff earmarked Betsson and Kindred Group's Unibet as some of the most notorious in these illegal activities.

Role of the Bank

An official statement from Lottstift asserted the duty of banks and financial institutions to determine whether customers' money is going into illegal channels and unlicensed operators. The banks can detect gambling problems firsthand. They can also provide a safe platform for customers to air their concerns freely.

Customers are more likely to change their gambling patterns or stop gambling once the banks notify them of any suspicious activities.

Lottstiff commissioned another study through Sentio that compounded the sentiments in the first study. More banks have upgraded their unlicensed operator detection activities. 80% of Norwegian banks have enforced customer-contact processes that detect transactions to and from illegal channels. This is an improvement from 60% in 2020.

Banks are also emphasizing educating customers on possible problematic outcomes of gambling. 70% of banks are now sensitizing their consumers to the potential effects of gambling.

Room for Improvement

However, despite the recorded improvement, there are a few areas that Lottstiff has identified that need some action. Only 25% of banks have detailed information regarding gambling on their websites. Two-thirds of banks confessed that gambling and its effects matters rarely discussed in their meeting with customers regarding loans.

Silje Sægrov Amble, Lottstift Lawyer, stated that the organization firmly believes that problem gambling education should be compulsory in all banks and financial institutions.

Lottstiff also views gambling problems as health problems, and bans should be at the forefront of helping its users stay healthy. The organization also promised to provide learning materials to all banks that need assistance.

Last year, the Norwegian Gambling Authority waged a vigorous campaign against all law-breaking firms and unlicensed gambling operators.