Great britain bookmaking industry has been exempted by the nation’s Treasury from the new EU that is fourth Laundering Directive, hence escaping the onerous and high priced 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 cash Laundering Directive this week.
As the industry breathed a heavy sigh of relief, the government stated 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 contrast with other sectors. Both land-based and casinos that are online however, won’t be exempted.
But the government emphasized that the industry must remain diligently committed to it anti-money laundering (AML) duties, or it might probably just find it self having to fill out of the EU’s tiresome transaction report forms in the end.
Based on the UK Gambling Commission, ‘the government has made clear that it will regularly review its place in terms of the funds terrorist and laundering financing risk that gambling providers present.’
As being a condition of certification, gambling operators are already required to conduct AML assessments of the company and develop and implement stringent AML policies.
The Proceeds of Crime Act 2002, meanwhile, requires operators to c Continue reading UK Betting Industry Exempted from Punishing AML Directive