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Anti money laundering obligations for online gaming operators are usually underestimated by operators. Entities applying for an Italian remote gaming license sometimes ignore that, despite the establishment of their company abroad, they have to comply with the very stringent Italian anti-money laundering regime.
Indeed Law 231/2007 implementing in Italy the EU Directive 2005/60EC provides specific privisions for both online and land-based gaming operators listing the types of data to be collected and the term for which they have to be collected. Also, such data have to be stored in an archive that shall comply with burdensome technical standards.
This is coupled with a quite complex web system of notification to the Bank of Italy (to the so called UIF) of suspecious conducts and with guidelines for gaming operators on the identification of suspect conducts. Also the breach of anti money laundering obligations is sanctioned with criminal penalties and fines up to € 200,000.
This is coupled with a quite complex web system of notification to the Bank of Italy (to the so called UIF) of suspecious conducts and with guidelines for gaming operators on the identification of suspect conducts. Also the breach of anti money laundering obligations is sanctioned with criminal penalties and fines up to € 200,000.
Finally the main terms of anti money laundering policy adopted by the operator has to be notified to the Italian gambling authority as part of the technical documents to be filed to them and additional AML obligations have been recently introduced by AAMS.
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