The united kingdom bookmaking industry happens to be exempted by the country’s Treasury through the new EU that is fourth Laundering Directive, thus escaping the onerous and costly fate of conducting due diligence on every deal 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 cash 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.
Nevertheless the government emphasized that the industry must remain diligently committed to it anti-money laundering (AML) duties, or it could just find it self needing to fill the EU out’s tedious transaction report forms after all.
According to the UK Gambling Commission, ‘the government has made clear it will regularly review its place in terms of the money laundering and terrorist funding risk that gambling providers present.’
As being a condition of certification, gambling operators are currently required to conduct AML assessments of these company and develop and implement stringent AML policies.
The Proceeds of Crime Act 2002, meanwhile, requires operator Læs videre British Betting Industry Exempted from Punishing AML Directive