Banks Of Latvia Will Not Handle The Transactions Of Unlicensed Operators
In latvia, take measures related to money laundering in the gembling industry. Prohibition of cash processing will not affect licensed operators.
Latvia’s banking institutions have relateived a disposal of temporary termination of processing payments related to remote gembling operations, including lottery transactions. Required will not affect legal participants of the latvian market. It is about combating gambling business owners who have not received permission to work in the country.
Indition to the fact that banking structures undertake to refuse users to implement this kind of payments, the shold also provide reports to the state revenue service (sgd). Information should be transmitted to the controlling office every year. Submission time – until febrary 1.
In the sgd, it isted that the measure will not only allow to fight the shadow segment of gambling business, but will reduce the turnover «dirty» money in the country. When sending reorts, banks can use the eds system. Information can also be provided in electronic format.
Recall that in the first three quarters of 2019, latvian gembling operators generated €225.1 million.