The united kingdom bookmaking industry was exempted by the united states’s Treasury through the 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 industry that is betting a collective sigh of relief as it had been 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 online casinos, however, will not be exempted.
Nevertheless the government emphasized that the industry must remain diligently committed to it anti-money laundering (AML) duties, or it might just find itself being forced to fill the EU out’s tiresome transaction report forms after all.
In accordance with the British Gambling Commission, ‘the government has made clear it will regularly review its place with regards to the amount of money terrorist and laundering funding risk that gambling providers present.’
As being a condition of licensing, 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, meanwhil Continue reading “British Betting Industry Exempted from Punishing AML Directive”