Money laundering concerns UK officials

Gaming services in the UK would be regulated by further anti-money laundering legislations.

UK.- Gaming operators have been asked to comply with latest legislation concerning anti-money laundering in the European Union. With the implementation of new measures to reduce the economic risk and terrorist financing, United Kingdom’s licensed gaming companies will review their current operating system.

Richard Watson, UK Gambling Commission Programme Director stated: “We welcome the new Regulations, which supports our licensing objective of keeping gambling crime free. We are currently in the process of revising our anti-money laundering guidance to reflect the new Regulations – operators are reminded they need to take their anti-money laundering responsibilities seriously and implement the necessary changes.”

Land-based and online gaming operators were urged to also review the new “The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017,” which enhances the 2007 version. The latest act has become effective since earlier this week.

The UKGC also added in its statement: “Operators will be invited to feedback on the proposed changes to our guidance (The Prevention of Money Laundering and Combating the Financing of Terrorism – guidance for remote and non-remote casinos) via a consultation.”

“All gambling operators, casino or otherwise are reminded that: they still have other duties to prevent money laundering under the Gambling Act, Proceeds of Crime Act, and the LCCP. There is a clear need to further raise standards across the industry. And the government has warned it has the power to include other sectors within the new Money Laundering Regulations at a later date if those sectors are assessed as being higher risk.”

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money laundering UK UKGC