The united kingdom bookmaking industry has been exempted by the nation’s Treasury from the brand new Fourth EU Money Laundering Directive, therefore escaping the onerous and high priced fate of conducting due diligence on every deal of €2,000 (£1,740 / $2,150) and above.
The UK industry that is betting a collective sigh of relief as it had been exempted from the Fourth EU cash 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 danger Assessment (NRA), which deemed betting, both online and down, to be low-risk in comparison with other sectors. Both land-based and casinos that are online however, will never 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 it self being forced to fill out the EU’s tedious transaction report forms in the end.
In accordance with the British Gambling Commission, ‘the government has made clear so it will regularly review its position in relation to the cash laundering and terrorist financing risk that gambling providers present.’
As a condition of certification, gambling operators are currently required to conduct AML assessments of their company and develop and implement stringent AML policies.
The Proceeds of Crime Act 2002, meanw Continue reading British Betting Industry Exempted from Punishing AML Directive