Ireland brings gambling operators under AML laws
Bookmakers will be required to conduct due diligence on deposits or withdrawals more than €2,000
Gambling providers in Ireland will now be subject to anti-money laundering laws after the government signed two new statutory instruments into law.
The new Criminal Justice regulations redefine providers of gambling services as ‘designated persons’, requiring them to conduct due diligence, report suspicious transactions and comply with all other obligations under the Money Laundering and Terrorist Act (2010).
Under the new rules, due diligence tests include verifying customers’ identity and assessing risks AML risks if they deposit or withdraw more than €2,000.
The new rules apply to gambling service providers, with the exception of lotteries, bingo, slot machines and land-based poker, which the Irish government has determined to be low-risk following a risk assessment of the sector.
The regulations bring Irish anti-money laundering legislation in line the EU’s fourth AML directive.
Irish Minister for Justice and Equality, Charlie Flanagan TD, said: “Criminals seek to exploit the EU’s open borders and this EU-wide measure is really important for that reason. I and my government colleagues are committed to systematically tackling corruption and organised crime.”