New money laundering law concerns casinos

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Peter Brandt January 29, 2020

According to politicians, the British gambling commission has drawn up a new money laundering law, which is primarily aimed at casinos. The United Kingdom Gambling Commission (UKGC) thus follows a directive of the European Union (EU), which is now being implemented in national law. From then on, land-based and digital online casinos in Great Britain will have to prove which measures they have implemented to combat money laundering and terrorist financing in and over the Internet.

The new British money laundering law is particularly aimed at inpatient and digital casinos. ((© Timasu / Pixabay)

Money laundering and terrorist financing in the spotlight

For some years now, the Supranational European Union, as well as its individual member states Illegal money laundering over the Internet. Especially since digital cryptocurrencies enable anonymous money transfer, it has become more difficult for authorities and more easily and safer for criminals to wash illegal funds online and forward them to terrorist organizations.

With the 5. Money laundry guideline (5AMLD) has now taken the EU to the new technical options for online money transfer and updated the old legal text. In Great Britain the Implementation of the EU Directive in National Law on January 10 of this year he follows.

Above all, gambling providers -both inpatient and on the Internet -are required to develop measures in personal responsibility and organization to make money laundering and terrorist financing more difficult and, at best, to prevent it completely, of course. Regulation 19 The guideline expressly emphasizes the duty of care when introducing new services or products.

“The 5th Money Laundering Directive (5AMLD) of the European Union was already adopted in September 2018 and was a direct reaction from the European community to the new challenges and security risks that arose with the rise of cryptocurrencies such as Bitcoin. However, the guideline also refers to other Internet payment methods, such as prepaid cards. From now on, the modernized guideline requires companies, including online casinos, a customer examination from a transaction of 50 $ . The old version only demanded this from a sum of 250 $ . In addition, it will be mandatory by law to register suspicious financial transactions and report to the authorities. ”

Online casinos, especially in duty

Even if the European money laundering guideline is largely concerned with the security and legality of money transactions in Internet casinos, this ultimately has validity and legal binding for every online platform-whether online shop, online gaming or online happiness in happiness- that offers products or services to European citizens and in the course of this Customers’ money or credit accounts managed.

Nevertheless, online casinos in particular are used by criminals to wash illegal funds and forward to people or organizations who are suspected of terrorism. Therefore, according to British legislation, both land -based and digital casinos of the UKGC must prove at regular intervalswhether and how the demands of the money laundering guideline have and will be implemented.

“The Commission acknowledges that the implementation of changes takes some time and we will take this into account. However, we assume that the operators react immediately and made appropriate investments – provided that technology is necessary to adapt to the changes – and have implemented the changes with the necessary urgency. ”

Implementation of the directive requires technology and trained personnel

However, to ensure the proper implementation of the money laundering guideline to develop and prove technical and bureaucratic measures, but also personnel.

Employees of (online) casinos must prevent the employer from preventing the current legal situation on the subject of “money laundering and terrorist financing” trained and trained will.

For example, especially with Money transactions from or in third countries a strict control and review of customers are carried out.

  • Unusual transaction sums,
  • repeating payments or
  • Money transfer without recognizable economic intentions

be license plates for illegal activities. However, identifying and demonstrably registering this in order to enable criminal persecution require a Intensive training and training of the casino staff.

Great Britain is one of the first countries despite the upcoming Brexit that has-and supplemented the European money laundering directive to its own national legislation. The strict legal requirements for combating money laundering and terrorist financing via online platforms and especially internet casinos in the United Kingdom could be Template for the design of the directive in the respective state law to serve. The British parliament, on the other hand, is already one step further and demands A redesign of the British Gambling Act.