GAMING | EU strengthens rules against money laundering

The European Union has strengthened rules against money laundering, including a rule which requires due diligence for transactions of EUR2,000 or above within gambling services as a new Anti-Money Laundering Directive takes effect. Based on this increased stringency, EU member states are required to implement new rules within the coming two years.
Casino gamblers will be required to provide identification documents, and will be subject to stricter monitoring in case they place bets or reclaim casino chips worth EUR2,000 or above.
In addition to the due diligence requirements, gaming operators will have to report suspicious transactions and maintain records of payment.
Businesses that are subject to the new rules will also have to implement internal control measures to combat money laundering and terrorism-financing activities.
According to the new legislation, under proven low-risk circumstances, member states may exempt certain gambling service providers from some or all requirements, but in strictly limited and justified conditions. These exemptions, however, do not apply to casinos, and will be subject to a specific risk assessment.
“Apart from casinos, member states are given the power to decide whether to either partially or fully exempt gaming operators [from applying the new rules] in proven low-risk [situations],” said lawyer Rui Patrício from the Portuguese law firm MLGTS at a briefing on the new EU directive, newspaper Diário de Notícias reported.
The EU’s fourth anti-money laundering directive, adopted this summer, is intended to facilitate the work of Financial Intelligence Units in different member states, establishing a coherent policy towards non-EU countries that have flawed anti-money laundering and counter-terrorist financing schemes, as well as ensuring full traceability of fund transfers within, to and from the EU. CP