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Authorities in Lithuania have reportedly published a series of new know-your-customer rules for iGaming firms following the recent emergence of allegations that the small nation’s online gaming industry may have become an easy target for money launderers. Such punters will therefore purportedly be required to hand over reliable independent data or documents like public registers so as to verify the source of the funds they are using to enjoy gambling entertainment. The small nation subsequently purportedly explained that its first-half aggregated gaming revenues had fallen by 15....
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According to a Monday report from iGamingBusiness.Authorities in Lithuania have reportedly published a series of new know-your-customer rules for iGaming firms following the recent emergence of allegations that the small nation’s online gaming industry may have become an easy target for money launderers.Corporate commitments:The new rules also reportedly mandate that local companies carry out commensurate authentications on any business relationships they hold with non-domestic compatriots or individuals from nations identified by the European Commission as being a potential high-risk source of money laundering....
