Spain: new AML regulations have been approved
By Bartolomé Martín
The Spanish Official National Gazette has published a new regulation developing the Spanish anti-money laundering (AML) legislation (Royal Decree 304/2014, of 5 May 2014, approving the regulation developing Law 10/2010, of 28 April 2010, on prevention of money laundering and terrorism financing). This new regulation develops and clarifies many issues connected with AML matters affecting all regulated entities and, therefore, gambling operators.
Although the preliminary draft published by the Spanish AML regulator (Secretaría del Tesoro) did not include any specific regime applicable to gambling operators, the final regulation does include particular rules affecting lottery and gambling operators. This special regime is essentially contained in articles 4.1, 21.2 and 43 of the Royal Decree, and aims at defining the minimum AML standards that all lottery and gambling operators must implement in the development of their activities…
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