Bookmakers’ concerns over the new anti-money laundering law in Italy

28 Jun 2017

Italian LawThe implementation of the fourth AML Directive of the new Italian anti-money laundering makes the betting operators to concern about the changes that may create.

The major changes that may arise include:

Collection of player’s IDs cannot be postponed anymore. It must happen at the same time when someone creates an account and may result to a delay of 30 days, but only in sectors with low risk money laundering. It has to become clear by the law, if online betting can fall under such category.

Ban of anonymous payment. The customers should use ways that are fully traceable in terms financial flows linked to the gaming operation. In that case it is not also clear if this requirement will ban vouchers and top up cards or simply require the players’ IDs at time of the purchase. There is also the possibility that no changes will be implemented at all.

Stringent anti-money laundering checks on VLTs. Gaming hall managers and distributors should have the obligation to identify players with suspicious behavior or anomalous conduct, such us those who indulge in gambling activities of at least €2.000, or verify tickets that value is at least €500. Additionally, they have to report if there are low winnings or no winnings at all.

ADM, the Italian gambling Authority, have decreed a 12 month waiting period before they implement the necessary technological updates.  The issue is, in which way these changes will affect or not the industry of online sports betting, among other sectors, which use internet transactions.

10,000+ have already benefited from Bookmakers.bet

Register to our newsletter and be the first to get our exclusive bonuses and promotions. Fill in your name & email and stay tuned on the latest offers and the new bookmakers in your country.

I agree with the terms of use.

BOOK SPY

The South African National Gambling Board has issued a statement this week concerning the legality of online gambling. There have recently been some r...

Read more »

Betting operator 888sport announced that it has signed a sports betting partnership agreement with the National Football League (NFL) in the United Ki...

Read more »

British GVC Holdings PLC is launching an investment program to support grassroots sports in the UK. It will be helping the lower tiers of English foot...

Read more »

Dominic Beier has stepped down from his position as Interwetten Sports’ Speaker of the Board. The 29-year-old had joined the company in 2018, replacin...

Read more »

BGC, the UK’s Betting and Gaming Council, has announced the implementation of a new set of measures in order to prevent underage audiences from being ...

Read more »

Online sportsbook and casino operator Vbet will be sponsoring French Ligue 1 powerhouse AS Monaco. The deal includes seasons 2020-2021 (which just sta...

Read more »

UK-based bookmaker Betfred has announced the extension of its World Snooker Championship sponsorship until 2022. It is considered the biggest snooker ...

Read more »

European sports betting firm Melbet is expanding its presence in Africa by entering the Kenyan market. After already operating in Nigeria, Ghana and U...

Read more »

The UK Gambling Commission has lifted the ban on sports betting exchange Matchbook. The brand, running under operator Triplebet, had its UK pool betti...

Read more »

Ukraine’s president Volodymyr Zelensky has put pen to paper on bill 2285D, as expected since last month’s triumphant voting in its favor at the Verkho...

Read more »

Latest Betting Offers