Lithuania published a series of strict new guidelines for gaming operators after accusations that the sector is an easy target for money laundering activities.
According to the Lithuania’s Gambling Supervision Service the guidelines outline which factors should be taken into account by gambling and lottery companies when assessing business relationships, monetary transactions and transactions related to the risk of money laundering and terrorist financing.
The guidelines were published to make the gambling sector compliant with the country’s Law on the Prevention of Money Laundering and Terrorist Financing.
It is now mandatory that operators verify the source of assets and funds on the basis of reliable independent data, documents or information, such as public data registers.
Companies must apply enhanced customer identification when transactions or business relationships are carried out with natural persons residing in high-risk third countries identified by the European Commission.