
The UK bookmaking industry was exempted by the nation’s Treasury through the new EU that is fourth Laundering Directive, thus 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 betting industry breathed a collective sigh of relief as it absolutely was exempted from the Fourth EU Money 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 casinos that are online 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 could simply find itself needing to fill the EU out’s tiresome transaction report forms in the end.
In accordance with the UK Gambling Commission, ‘the government has made clear that it will regularly review its position in relation to the funds laundering and terrorist funding risk that gambling providers present.’
Being a condition of certification, 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 o Читать далее