The United Kingdom (UK) Gambling Commission (UKGC) has warned gambling operators to augment their anti-money laundering (AML) compliance failing which the regulator will strike down upon them with great vengeance and furious anger.
The UKGC issued holiday message to its licensees and reminded them that the European Union’s 5th Anti-Money Laundering Directive is set to take effect on January 10, 2020.
On the same date, UKGC would publish the fifth edition of its guidance for casino operators (both land-based and online) on The Prevention of Money Laundering and Combatting the Financing of Terrorism, which will take effect immediately on publication.
The casino-specific aspects of the UKGC’s new regulations include ensuring minimal AML risks from the introduction of any new products, business practices or technology; having specific policies and controls for implementing the above mentioned changes and ensuring adequate staff training.
The other aspects of the regulations include ensuring that customer identity verification is obtained from a reliable and independent source, and that there is an enhanced scrutiny of ‘complex or unusually large transactions’, especially if they come from high-risk third countries or have no apparent economic or legal purpose.
The UKGC wants to ensure that licensees act promptly, invest appropriately and implement changes with the requisite urgency.