British Gambling Commission advises risk-based approach to Russia sanctions
The British regulator has advised gambling companies to exercise caution when dealing with customers and businesses that may have ties to Russia.
UK.- The British regulator the Gambling Commission has advised that operators should take a “risk-based approach” to dealing with potential customer and business relationships with ties to Russia in the wake of sanctions following the country’s invasion of Ukraine.
It advised operators to ensure that their money laundering and terrorist financing procedures have provisions in place to mitigate the risk of dealing with sanctioned customers and jurisdictions. Failure to do so could potentially lead to enforcement action for breach of the Sanctions and Anti-Money Laundering Act 2018.
The regulator said that any operator that becomes aware that it may have breached sanctions should report itself immediately to the UK government’s Office of Financial Sanctions Implementation.
The Malta Gaming Authority (MGA) has put out a similar message to its licensees, advising operators to carry out screening and background checks on customers. The advice comes as many operators and developers react to Russia’s invasion of Ukraine with support and withdrawals of services.
A Gaming Industry for Ukraine initiative on GoFundMe aims to raise £250,000 to donate to the charity Choose Love’s Ukraine Crisis Fundraiser. Soft2Bet has announced a charity event, and SOFTSWISS has suspended all marketing activities to provide financial support to organisations that are helping Ukrainian citizens.
Slava Zhuk, advisor at Turbo Games, has called on all operators to block their services for the Russian Federation and Belarus. Genius Sports has already taken up the call and ceased commercial operations in Russia.
