Due to a 26 percent increase in online gambling anti-money laundering alerts from the Italian Financial Agency, the Italian gambling regulator Agenzia delle Dogane e dei Monopoli recently announced it will implement new anti-money laundering requirements for the Italian betting sector. The ADM consulted with industry associations and legislative representatives to write the regulations.
The top priority, the agency said, will be to end “soft registrations” with
licensed bookmakers, and return to requiring “12 mandatory fields for player registration.” That will include requiring Italian betting consumers to register a government ID verification, plus the name of the issuing authority, ID number, location and date of expiration.
In addition, licensed Italian betting operators will have to record all player account transactions and financial activities upon request of the ADM and its associated stakeholders.
LOGiCO Chairman Moreno Marasco said, “Our main concern is about the competitive advantage that illegal operators would secure. The former government’s mantra with regards to gaming was ‘reduce demand and supply,’ not exactly a pearl of economic wisdom. Any further complication will inevitably bring advantages to illegal operators or an abandonment of the concession system by the existing players.”
Marasco added, “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.”
