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Online Gambling No Medium for Money Laundering

Some European politicians and authorities expressed unanimous opinions that they do not see on-line gambling as a prospective medium for income laundering. Dr. Friedrich Schneider, a Professor of Economics at Johannes-Kepler-University opined that organized crime groups or criminals would hardly take into account Internet-based gambling sites as valuable automobiles for cash laundering, because such facilities could only channel a comparatively small volume of money.

Even so, it can be worthwhile to note that European specialists expressed such opinions by taking into consideration the European anti-money laundering regulations which might be currently in place; in the simplest act of verifying a customer’s identity for the integration of sophisticated monitoring and record-keeping application made use of by European web-based gambling operators.

Such measures permit Internet gambling corporations to trace economic transactions that will probably protect against money-laundering activities between on the net players.

They also cited as example that all gambling transactions consummated online need to make use of a licensed bank’s facilities. The latter is likewise compelled to monitor the funds that pass through their systems, as a part of their compliance with EU Anti-Money Laundering Directives on the European Commission.

In UK, the Gambling Commission identifies the on the web gambling sector as a achievable target of criminals and terrorists for laundering cash, acquired illegally. Internet gambling operators need to adhere to all elements of anti-money laundering guidelines and guidance.

These involve not simply stopping, but also investigating and reporting any one suspected or discovered violating such rules. Non-compliance with these actions constitutes behaviors that usually do not operate inside the law, and will result to serious civil and criminal fines also as imprisonment for the management of your on line gambling organization.

 
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