Stuart McMaster
Business Shapers
21 May 2015

Online gambling: new European AML regime approved – are you ready?

The online gambling sector is currently dealing with a marked rise in compliance costs. This has been the result of a number of regulatory changes, ranging from therevised Licence Conditions and Codes of Practice through to the new POC tax reporting regime.

And looming on the horizon are changes to the anti-money laundering (AML) regime. The fourth anti-money laundering directive (AMLD4) was approved by the European Parliament on 20 May 2015.

As a result, each member state will have to introduce new laws giving effect to AMLD4 within c. two years. There have been indications that the UK government will be at the forefront of this process, introducing new laws by late 2015 or early 2016.

The UK Gambling Commission has sanctioned several well-known operators in the recent past for failures in their AML regimes, and there is likely to be a high-degree of scrutiny from the Gambling Commission on this issue going forwards. The key points to note are set out below.

Read the full article on Business Shapers.