Great britain bookmaking industry was exempted by the united states’s Treasury through the brand new EU that is fourth Laundering Directive, therefore escaping the onerous and costly fate of conducting due diligence on every transaction of €2,000 (£1,740 / $2,150) and above.
The UK betting industry breathed a collective sigh of relief as it absolutely was exempted from the Fourth EU cash Laundering Directive this week.
The government said the decision had been made after consultation with UK’s National Risk Assessment (NRA), which deemed betting, both online and off, to be low-risk in comparison with other sectors as the industry breathed a heavy sigh of relief. Both land-based and online casinos, however, won’t be exempted.
However the government emphasized that the industry must remain diligently committed to it anti-money laundering (AML) duties, or it might simply find itself having to fill the EU out’s tedious transaction report forms in the end.
Based on the UK Gambling Commission, ‘the government has made clear so it will frequently review its position with regards to the money terrorist and laundering financing risk that gambling providers present.’
As a condition of licensing, gambling operators are already required to conduct AML assessments of these business and develop and implement stringent AML policies.
The Proceeds of Crime Act 2002, meanwhile, calls for operators to con Continue reading “British Betting Industry Exempted from Punishing AML Directive”