Ireland has introduced a new national anti-money-laundering strategy that imposes stricter regulations on gambling operators. The updated framework mandates the use of closed-loop payment systems to enhance financial oversight within the sector.
Regulatory Changes for Operators
The regulatory shift places significant emphasis on transaction monitoring and fund tracing. Operators must now ensure that funds used for wagering originate from the same account used for withdrawals, effectively eliminating third-party payment methods. This requirement aims to reduce the risk of illicit fund flows and improve transparency.
The implementation of these measures requires gaming companies to update their financial compliance procedures. The focus on closed-loop systems ensures that money cannot be deposited from one source and withdrawn to another, a common vector for money laundering activities. The report regarding these updates was published by iGaming Express.