Following public consultations with industry associations and legislative concessionaires, Italian regulator Agenzia delle Dogane e dei Monopoli (ADM) has confirmed that it will push through new anti-money-laundering (AML) standards for the Italian betting sector.
The ADM details that it decision follows, a 26% increase in online gambling AML alerts recorded by the Italian Financial Authority.
Furthermore, the Italian betting regulator seeks to enhance the mandate of the EU’s ‘4th AML Directive’ which is currently supervised by the Italian Customs Agency.
Top of the AML agenda will be the termination of ‘soft registrations’ with licensed bookmakers, as the ADM returns to its legacy policy of a ‘12 mandatory fields for player registration’.
Moving forward, Italian betting consumers will be forced to register a government ID verification, alongside the name of the issuing authority, ID number, location and date of expiry.
Complying with new AML standards, licensed Italian betting operators will have to record all player account transactions and financial movements upon request of the ADM and its associated stakeholders.
Reacting to the ADM’s new mandate, Italian online gambling trade association LOGiCO accused the regulator of overreach and implementing a ‘normative dogma’ which clashed with the digital commercial positions of the Bank of Italy and the Economic Ministry.
“Our main concern is about the competitive advantage that illegal operators would secure: any further complication (the former Government’s mantra with regards to Gaming was “reduce demand and supply” was not exactly a pearl of economic wisdom) will inevitably bring advantages to illegal operators or an abandonment of the Concession system by the existing players”, stated LOGiCO Chairman Moreno Marasco said.
“This provision, along the intentions to remove advertising, the only tool which allows to distinguish the legal offer and to channel the demand for gaming through it, provides an explosive cocktail to return to “dotcom”, of which only unscrupulous economic operators will benefit, ultimately eliminating the consumer protections implemented so far. While Italy has so far proved to be a pioneer regarding the regulation of online gaming in Europe, some rules are decidedly more rigid and not up to those in comparable countries like France and Spain”.