Montenegro's gambling payment ban sparks concern

Montenegro’s gambling payment ban sparks concern

Added: March 11, 2024

There has been discussion surrounding the contentious decision in Montenegro to prohibit electronic payment methods used for gambling.

Customers would no longer be able to fund their betting accounts with ebanking or mobile payments; they could only deposit funds with a card at a wagering shop terminal or in-person at a betting shop. In opposition to these modifications, the trade association Montenegro Bet has submitted a petition, stating that Montenegro plans to adopt EU law and that these changes are illegal.

The group issues a warning, stating that a prohibition of this kind may seriously affect the nation’s enterprises and perhaps result in job losses.

Representing Montenegro Bet, Jovana Klisić underlined the industry’s significance to the nation’s economy, as it employs close to two percent of the labor force. According to Klisić, the prohibition on e-banking for deposits has negative consequences not just for job security and operational efficiency but also for the wider economy of Montenegro, even though it is transparent and compliant.

The trade organization further emphasized that the proposed revisions contradict the advice of AML watchdogs such as Moneyval and the Financial Action Task Force, as well as many EU law regulations.

Montenegro