British Betting Industry Exempted from Punishing AML Directive

British Betting Industry Exempted from Punishing AML Directive

The UK bookmaking industry is exempted by the united states’s Treasury from the brand new Fourth EU Money Laundering Directive, therefore escaping the onerous and expensive fate of conducting due diligence on every transaction of €2,000 (£1,740 / $2,150) and above.

The UK industry that is betting a collective sigh of relief as it absolutely was exempted from the Fourth EU Money Laundering Directive this week.

As the industry breathed a heavy sigh of relief, the us government said your decision had been made after assessment with UK’s National Risk Assessment (NRA), which deemed betting, both online and off, to be low-risk in comparison with other sectors. Both land-based and online casinos, however, will not be exempted.

Stay Vigilant

Nevertheless the government emphasized that the industry must remain diligently committed to it anti-money laundering (AML) duties, or it may simply find it self needing to fill out of the EU’s tiresome transaction report forms in the end.

According to the British Gambling Commission, ‘the government has made clear so it will regularly review its place in relation to the funds laundering and terrorist funding risk that gambling providers present.’

As being a condition of certification, gambling operators are already required to conduct AML assessments of their business and develop and implement stringent AML policies.

The Proceeds of Crime Act 2002, meanwhile, calls for Continue reading