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UK gambling operators have been warned by the United Kingdom Gambling Commission (UKGC) over Anti-Money Laundering (AML) regulations. UKGC has sent a holiday message reminding licensees about European Union’s 5th AML Directive is set to take effect on January 10, 2020.
This date will also see the UKGC 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.
As part of the adjustments to the AML requirements, casino operators licenced by the UKGC will be required to continue carrying out business reviews and accordingly amending, their money laundering and terrorist financing risk assessments, as well as the associated policies, procedures and controls’.
“There are relevant transactions between parties based in high-risk third countries, the customer is the beneficiary of a life insurance policy, the customer is a third-country national seeking residence rights or citizenship in exchange for transfers of capital, purchase of a property, governments bonds or investment in corporate entities non-face to face business relationships or transactions without certain safeguards, for example, as set out in regulation 28 (19) concerning electronic identification processes,” said in the statement.
The UKGC acknowledges the fact that implementing changes to company policy takes time, but expects operators to act promptly, invest appropriately (if the technology is required to accommodate the changes) and implement changes with the requisite urgency.
