The European Commission has reprimanded EU member states for failing to take a harsher stance on the anti money laundering (AML) directive. Brussels has implemented the new AML regulations, known as the “fourth anti-money laundering directive”, which was due to take full effect on June 26th across the EU.
European Commissioner for Justice, Věra Jourová said she has sent 14 letters to EU member states addressing her concerns about the failure to add the new requirements to their national statute books. Three other countries have also received letter from Jourová about how they have only implemented the measure partially.
The European Commission decided to take a tougher stance as they believe EU member states have failed to introduce more adequate measures to prevent criminal and terrorist organisations from concealing money used for illicit activities. As a result, they may force bookmakers to implement ID checks on customers that wager more than €2000.
The EU Council previously warned industry stakeholders in a number of published consultations that they would make the AML regulations much harsher.
The UK Gambling Commission (UKGC) issued an industry update last June to warn stakeholders that failure to implement ID-checks would breach conditions of UK licensing.
The Malta Gaming Authority (MGA) also published an industry consultation with the Financial Intelligence Analysis Unit (FIAU) stating that industry stakeholders ‘must get smart on new EU-wide AML regulations’.
The EU aims to implement its new AML directive as quickly as possible and it has been outlined an important business/commercial requirement for member states.
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COMPLIANCE BRIEFING: LONDON
12 OCTOBER 2017
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