The UK bookmaking industry has been exempted by the nation’s Treasury from the brand new EU that is fourth 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 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 online casinos, 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 just find itself being forced to fill out the EU’s tedious transaction report forms in the end.
According to the UK Gambling Commission, ‘the government has made clear so it will frequently review its place in terms of the funds laundering and terrorist funding risk that gambling providers present.’
As a condition of licensing, gambling operators are already required to conduct AML assessments of their company and develop and implement stringent AML policies.
The Proceeds of Crime Act 2002, meanwhile, requires operators to continually monitor and evaluate ga […]