UK Betting Industry Exempted from Punishing AML Directive

ï»¿UK Betting Industry Exempted from Punishing AML Directive

The united kingdom bookmaking industry is exempted by the nation’s Treasury through the brand new EU that is fourth Laundering Directive, hence 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 stated your choice had been made after consultation with UK’s National danger Assessment (NRA), which deemed betting, both online and down, to be low-risk in contrast with other sectors. Both land-based and casinos that are online however, will not be exempted.

Stay Vigilant

However the government emphasized that the industry must remain diligently committed to it anti-money laundering (AML) duties, or it might just find itself being forced to fill out of the EU’s tedious transaction report forms after all.

Based on the UK Gambling Commission, ‘the government has made clear it will regularly review its position in terms of the amount of money terrorist and laundering funding risk that gambling providers present.’

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

The Proceeds of Crime Act 2002, meanwhile, calls fo (suite…)

Continuer la lecture
Fermer le menu