Norway Submits New Payment Regulations To Ban iGaming Transactions

Norway has submitted new gambling regulations to the European Commission. The new regulations would protect the current monopoly system for gambling services in the nation.

Under the new proposal the processing of payments from persons in Norway to remote gambling operators without a Norwegian license will be banned.

These new measures were put together by four different groups (members of the Center Party, Socialist Left Party, Christian People’s Party, and the Labor Party) and in April they were submitted to the Storting. The legislature gave its approval at the beginning of May.

If these measures are approved by the European Commission, banks and similar financial institutions would block any and all transactions involving gambling companies which are unauthorized in the state.

The Norwegian Gaming Authority may make a decision to reject payment transactions identified with the name of a gambling company or other entity that conducts payment transactions on behalf of the gambling company.

New provision for disclosure of banks and other entities providing payment services in Norway to the Norwegian Gaming Authority. The duty of disclosure shall include information on new account numbers relating to the Gaming Authority’s decision and information about transactions the banks have ceased from companies that provide gambling related payments that are not authorized in Norway.

Source: 5StarMedia