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The Norwegian Ministry of Finance has given its backing to a proposal from Lotteritilsynet, the national lottery authority, to exempt lottery and bingo organisers from new anti-money laundering regulations.
The proposal would reduce regulatory burdens on approximately 350 teams, associations and organisations that do not rely on third-party contractors for their bingo or lottery offerings to be exempt from the country’s new money-laundering regulations.
As outlined by Norway’s gambling regulator, when the new rules were introduced last October, they extended the scope of operational restrictions to anyone offering games licensed under the Gambling, Lottery and Totalisator Act. However, in ushering in the new regulations, organisations were invited to apply for exemptions.
The Lotteritilsynet delivered a final risk assessment on May 29 to the Ministry of Finance, outlining the perceived low risk of money laundering and terrorist financing via bingo associations and so-called ‘Section 6’, or charitable, lotteries.
In confirming the submission of the proposal, Finance Minister Siv Jensen said it is important not to “impose disproportionate burdens.”
“I am pleased that with a solid risk assessment from the Lottery Authority, so we can propose how to simplify [the regulations] for teams and associations around the country,” Jensen added.
Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Norwegian Ministry Backs Lotteritilsynet’s Proposal for Lottery, Bingo AML Exemptions
