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AML KYC Requirements in Greek Gambling Industry

Published by in Risk & Compliance ·



Laws related to Anti-Money Laundering in Hellenic Republic
  1. Law 3213/2003 (Government Gazette No. 309 A’)
  2. Law 3242/2004 (Government Gazette No. 102 A’)
  3. Law 3691 of 2008 on "Prevention and suppression of money laundering and terrorist financing and other provisions" (Government Gazette No. 166 A’) // Main Law on AML
  4. Law 3849/2010 (Government Gazette No.80 A’)
  5. Law 3875 of 2010 amending Law 3691 of 2008 (Government Gazette No. 158 A’)
  6. Law 3932 of 2011 amending Law 3691 of 2008 (Government Gazette No. 49 A’)
  7. Law 4065 of 2012 amending Law 3213 of 2003 (Government Gazette No. 77 A')


Law 3691/2008 and AML Obligations based on Law 3691/2008

Article 5: Obliged Persons
Casino enterprises and casinos operating on ships flying the Greek flag, as well as public or private sector enterprises, organizations and other bodies that organize and/or conduct gambling and related agencies and agents;
  • Based in this article, public or private sector enterprises, organizations and other bodies that organize and/or conduct gambling and related agencies and agents that organize and/or conduct gambling are Obliged Persons to take AML measures. As the medium through which gambling is conducted is not defined the article covers and includes internet based gambling.


Article 6: Competent Authorities
The Gambling Control Commission of Law 3229/2004 (Government Gazette No. 38 A’) is the Competent Authority for:
Casino enterprises
Casinos operating on ships flying the Greek flag
Companies, organizations and other entities engaged in gambling activities and
Betting outlets
  • This article enforces the concept that internet based gambling companies are controlled under AML Law 3691/2008 and its amendments.


Article 16: Casinos (and organizations operating under The Gambling Control Commission of Law 3229/2004 - Government Gazette No. 38 A’)
Casinos operating in Greece must verify the identity of their customers on entry in the gambling facilities and take appropriate measures to identify suspicious cases that might relate to the offences referred to in Article 2.
  • This article defines that gambling organizations operating in Greece have to (a) verify identity of their customers and (b) take measures to identify suspicious cases related to the offences referred to in Article 2.


Article 2:  Subject Matter
  1. The subject matter of this law is the prevention and suppression of money laundering and terrorist financing, as defined below, as well as the protection of the financial system from the risks entailed by such offences.
  2. The following conduct shall be regarded as money laundering, i.e. legalization of proceeds from the criminal activities listed in Article 3 ….


Article 3: Criminal Activities – Predicate Offences
“Criminal activities” shall denote the commission of one or more of the following offences (hereinafter referred to as “predicate offences”):
  1. Participation in an organized criminal group (Article 187 of the Penal Code);
  2. Terrorist activities and terrorist financing (Article 187A of the Penal Code);
  3. …… and many other


Summary
Any organization operating under The Gambling Control Commission of Law 3229/2004 is subject to Law 3691/2008 on "Prevention and suppression of money laundering and terrorist financing and other provisions" (Government Gazette No. 166 A’) and:
  1. must verify the identity of their customers on entry in the gambling facilities (for internet gambling companies means verify the identity during registration) and
  2. take appropriate measures to identify suspicious cases that might relate to the offences referred to in Article 2, the paragraph 2 of which is addressing Article 3, Criminal Activities – Predicate Offences some of which are:
(a)\tparticipation in an organized criminal group (Article 187 of the Penal Code)
(b)\tterrorist activities and terrorist financing (Article 187A of the Penal Code)

Natural persons participating in an organized criminal group and terrorist activities and terrorist financing are defined in SDN Lists such as OFAC, EU Consolidated, UN consolidated and others international SDN Lists.


Actions
The measures that should be taken in order gambling organization to comply with current AML Laws and regulations are consisted of 4 actions:
  1. Register customers and keep records on customers including all personal details
  2. On customer registration check and compare the customer details against, at least, the basic SDN lists, OFAC, EU, UN.
  3. On arbitrary time spots compare the full customer list against the basic SDN lists, OFAC, EU, UN.
  4. Keep records on customers’ winnings and payments of chips.  These records shall be maintained for at least five (5) years pursuant to the procedures stipulated in the decisions of the relevant competent casino authority (The Gambling Control Commission of Law 3229/2004) and shall be made available to the competent authority and the Gambling Control Commission for inspection.


Related Information



For Anti-Money Laundering, Fraud Management and Compliance Solutions please visit www.aml.gr.


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