The united kingdom bookmaking industry has been exempted by the nation's Treasury from the brand new Fourth EU Money Laundering Directive, thus escaping the onerous and high priced 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 absolutely 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, will never be exempted.
But the government emphasized that the industry must remain diligently committed to it anti-money laundering (AML) duties, or it would likely just find it self having to fill out the EU's tedious transaction report forms in the end.
Based on the British Gambling Commission, 'the government has made clear that it will regularly review its position in terms of the cash terrorist and laundering funding risk that gambling providers present.'
As a condition of certification, gambling operators are currently required to conduct AML assessments of their business and develop and implement stringent AML policies.
The Proceeds of Crime Act 2002, meanwhile, calls for operators t