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The Bank of Italy has issued indicators of suspicious money laundering conducts with which both banks dealing with gaming operators and gaming operators themselves shall comply.
As previously reported, Italian anti-money laundering law provides specific provisions in relation to the gaming sector and operators are subject to very stringent requirements. In this respect, the new indicators identified by the Bank of Italy shall require the update of the anti-money laundering policy of both banks and operators.
In particular, Italian law provides a very sophisticated system of notification of suspicious conducts to the UIF, the department of the Bank of Italy dedicated to anti-money laundering, through a web functionality and if a bank or a gaming operator does not perform the notification when according to the above mentioned indicators it was supposed to fines between 1% and 40% of the value of each suspicious transaction that had not been notified will be applicable.
The risk is even higher considering that the tax police currently monitoring very closely the compliance of gaming operators with anti-money laundering obligations through audits at their premises.
Given the above, the importance of complying with anti-money laundering obligations should not underestimated and as usual if you want to discuss the matter feel free to contact me, Giulio Coraggio.
The risk is even higher considering that the tax police currently monitoring very closely the compliance of gaming operators with anti-money laundering obligations through audits at their premises.
Given the above, the importance of complying with anti-money laundering obligations should not underestimated and as usual if you want to discuss the matter feel free to contact me, Giulio Coraggio.
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