Online Gambling Complies With Money Laundering Rules

Published Tuesday, December 23, 2014 -
Online Gambling Complies With Money Laundering Rules

Immediately after the devastating attack on the USA on September 11 2001 a special meeting of a 29-nation group met to discuss the problem of global money laundering. Now at the end of 2014 a Reuters article has revealed that the U.S. Treasury Department's anti-money laundering unit could be requesting  casinos to watch vigilantly for illegal sports wagers that may be  entering the system. The Internal Revenue Service of the USA criminal investigation division is focusing on the risks of money laundering associated with illegal sports betting. The Reuters article mentioned the quantity of illegal gambling funds moved through casinos by criminals has expanded to tens of billions of dollars per year. The U.S. Treasury Department and Justice Department has put more pressure on a number of large casinos to comply with anti-money laundering regulations.

Money laundering in online casinos is an important issue for The European Gaming & Betting Association. A recent announcement by the organization said the deal reached by the negotiating teams of the European Parliament and the Member States on 16 December, will ensure that the online gambling sector is subject to a single set of rules in the entire European Union.

Maarten Haijer, Secretary General of EGBA commented, “EGBA has actively engaged with the EU institutions to include online gambling in the directive. The new directive ensures that EU online gambling providers now have 1 rather than 28 sets of AML rules to comply with to provide their services in the EU. The risk based assessment underpinning the directive will apply to all services, with the exception of land based casino’s where there can be larger sums of cash money involved. With only electronic payments, no cash and perfect traceability on the internet, EGBA is confident that the directive will further add to the safe provision of EU regulated online gambling services.”






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