UK money laundering law follows EU’s ruling
Only holders of casino operating licences will be subject to the requirements of the new Money Laundering Regulations that will come into force next June.
UK.- New Money Laundering Regulations requirements will only be enforced on holders of casino operating licences, the UK government has announced. Gambling is definitely in the spotlight of new rules that will come into force next June to tackle money laundering activities.
Nonetheless, gambling sectors considered lower risk will be exempt, except for non-remote and remote casinos. The decision came as a response to the EU 4th Money Laundering Directive and the government had to take into account responses to the consultation and the UK National Risk Assessment (NRA), which puts gambling into the low risk category in comparison to other regulated sectors.
The UK Gaming Commission (UKGC) issued a statement that explains the possible variation of the risk levels attributed to a particular gambling sector. “As a result, where a gambling sector can no longer be deemed low risk. Including where the sector fails to effectively manage the money laundering and terrorist financing risks, then it will likely lead to their inclusion within the provisions of the new regulations, subjecting that sector to its requirements,” says UKGC.
Despite their excemption, the national regulator reminded operators that won’t be under new regulations’ frame that they still have other duties to prevent money laundering under other laws, including the Gambling Act.
Gambling Business Group CEO Peter Hannibal celebrated the exclusion of all gambling sectors that are not currently included in the 4th AMLD as it has always been that way. “The Gambling Business Group was at the forefront of this debate and hosted Treasury officials on a fact finding tour of a cross section of gaming venues to help inform its’ intelligence gathering process as part of the 4th AMLD.”
“There was a very real danger that Britain’s highly regulated, highly responsible, low stake gaming sectors would have become embroiled in a Europe wide, one size fits all, dragnet that was both disproportionate and unnecessary.”