{"id":47154,"date":"2017-03-21T13:00:57","date_gmt":"2017-03-21T20:00:57","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=47154"},"modified":"2017-03-21T11:43:05","modified_gmt":"2017-03-21T18:43:05","slug":"uk-betting-industry-exempted-punishing-aml-directive","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/uk-betting-industry-exempted-punishing-aml-directive\/","title":{"rendered":"UK Betting Industry Exempted from Punishing AML Directive"},"content":{"rendered":"

The UK bookmaking industry<\/a> has been exempted by the country\u2019s Treasury from the new Fourth EU Money Laundering Directive, thus escaping the onerous and expensive fate of conducting due diligence on every transaction of \u20ac2,000 (\u00a31,740 \/ $2,150) and above.<\/p>\n

\"UK
The UK betting industry breathed a collective sigh of relief as it was exempted from the Fourth EU Money Laundering Directive this week. (Image: Sports Betting Tipster)<\/figcaption><\/figure>\n

As the industry breathed a heavy sigh of relief, the government said the decision had been made after consultation with UK\u2019s National Risk Assessment (NRA), which deemed betting, both online and off, to be low-risk in comparison with other sectors. Both land-based and online casinos, however, will not be exempted.\u00a0 \u00a0<\/span><\/p>\n

Stay Vigilant<\/b><\/h2>\n

But the government emphasized that the industry must remain diligently committed to it anti-money laundering (AML) duties, or it may just find itself having to fill out the EU\u2019s tedious transaction report forms after all.\u00a0 \u00a0<\/span><\/p>\n

According to the UK Gambling Commission<\/a>, “the government has made clear that it will regularly review its position in relation to the money laundering and terrorist financing risk that gambling providers present.”<\/p>\n

As a condition of licensing, gambling operators are already required to conduct AML assessments of their business and develop and implement stringent AML policies.<\/p>\n

The Proceeds of Crime Act 2002, meanwhile, requires operators to continually monitor and evaluate gambling activity by one customer within different parts of the business over time, in order to spot indicators that might suggest money laundering.\u00a0 \u00a0 \u00a0<\/span><\/p>\n

Spat with the Government<\/b><\/h2>\n

The Association of British Bookmakers ABB, which had lobbied for exemption, welcomed the decision this week. Many bookmakers had been fearing the worst.<\/p>\n

\n

“The ABB believes that the Treasury has come to the right decision with regard to the risk relating to money laundering in high street betting shops,\u201d it said in a statement.<\/strong><\/p>\n<\/blockquote>\n

“ABB members will continue to focus on ensuring land-based operators remain low risk in relation to money laundering, both through direct action and engagement with relevant regulators and industry bodies such as GAMLG [Gambling Anti-Money Laundering Group].”<\/p>\n

The ABB is currently at loggerheads with the government over plans to reduce the maximum stakes on fixed odds betting terminals from \u00a3100 ($123) per spin (every 20 seconds) to just \u00a32 ($2.46). The industry body has claimed such a move would cause 20,000 job losses and threaten half of the nation\u2019s bookmaking shops with closure.\u00a0 \u00a0<\/span><\/p>\n

It would also have an adverse effect on the racing industry, which would lose \u00a3100 million ($123 million) a year in media rights and racing levy contributions, says a report by KPMG on behalf of the ABB. The government would lose \u00a31 billion ($1.2 billion) in taxes, and meanwhile the bookmaking industry would be \u201cdevastated,\u201d claims the report.<\/p>\n

\n","protected":false},"excerpt":{"rendered":"

The UK bookmaking industry has been exempted by the country\u2019s Treasury from the new Fourth EU Money Laundering Directive, thus escaping the onerous and expensive fate of conducting due diligence on every transaction of \u20ac2,000 (\u00a31,740 \/ $2,150) and above. As the industry breathed a heavy sigh of relief, the government said the decision had […]<\/p>\n","protected":false},"author":42,"featured_media":47155,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,60],"tags":[],"acf":[],"yoast_head":"\nUK Betting Industry Exempted from Punishing AML Directive<\/title>\n<meta name=\"description\" content=\"The EU\u2019s Fourth Money laundering directive will not apply to UK Betting and the UK\u2019s online and land-based bookmakers in the industry. \u00a0\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UK Betting Industry Exempted from Punishing AML Directive\" \/>\n<meta property=\"og:description\" content=\"The EU\u2019s Fourth Money laundering directive will not apply to UK Betting and the UK\u2019s online and land-based bookmakers in the industry. \u00a0\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/uk-betting-industry-exempted-punishing-aml-directive\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2017-03-21T20:00:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2017-03-21T18:43:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/03\/url-4.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"298\" \/>\n\t<meta property=\"og:image:height\" content=\"169\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Casino.org Staff Writer\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Casino.org Staff Writer\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/uk-betting-industry-exempted-punishing-aml-directive\/\",\"url\":\"https:\/\/www.casino.org\/news\/uk-betting-industry-exempted-punishing-aml-directive\/\",\"name\":\"UK Betting Industry Exempted from Punishing AML Directive\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/uk-betting-industry-exempted-punishing-aml-directive\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/uk-betting-industry-exempted-punishing-aml-directive\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/03\/url-4.jpg\",\"datePublished\":\"2017-03-21T20:00:57+00:00\",\"dateModified\":\"2017-03-21T18:43:05+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/8c48bf89dc86da77b4d856c7b3b78d77\"},\"description\":\"The EU\u2019s Fourth Money laundering directive will not apply to UK Betting and the UK\u2019s online and land-based bookmakers in the industry. \u00a0\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/uk-betting-industry-exempted-punishing-aml-directive\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/uk-betting-industry-exempted-punishing-aml-directive\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/uk-betting-industry-exempted-punishing-aml-directive\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/03\/url-4.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/03\/url-4.jpg\",\"width\":298,\"height\":169,\"caption\":\"The UK betting industry breathed a collective sigh of relief as it was exempted from the Fourth EU Money Laundering Directive this week. 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