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UK Betting Industry Exempted from Punishing AML Directive

Wednesday, March 11th, 2020

UK Betting Industry Exempted from Punishing AML Directive

The UK bookmaking industry happens to be exempted by the country’s Treasury through the brand new Fourth EU cash Laundering Directive, thus escaping the onerous and expensive 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.

As the industry breathed a heavy sigh of relief, the government said your 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. Both land-based and online casinos, however, won’t be exempted.

Stay Vigilant

But the government emphasized that the industry must remain diligently committed to it anti-money laundering (AML) duties, or it might just find it self needing to fill the EU out’s tiresome transaction report forms after all.

In accordance with the UK Gambling Commission, ‘the government has made clear that it will regularly review its place in relation to the money laundering and terrorist 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, calls for operators to con (more…)