The regulator reminded licensees their “duties” involving organised crime and money laundering, detailed in the Gambling Act 2005.
UK.- The UK Gambling Commission (UKGC) published its guidance on the prevention of money laundering and terrorism financing and urged operators to take part in fighting them. Specifically, the regulator referred to the Gambling Act 2005, which states the principles licensees are subject to when operating in the UK.
“Using the money in casinos, regardless of the amount, that is the proceeds of any crime, can amount to money laundering if the person using or taking the money knows or suspects that it is the proceeds of crime,“ the Commission writes in its document ‘The prevention of money laundering and combating the financing of terrorism: Guidance for remote and non-remote casinos’. “Money-laundering offences can be committed by both the customer and casino employees, depending on their respective levels of knowledge or suspicion.”
Regarding operators’ responsibilities, the UKGC quoted the three licensing principals they must uphold as required by the Gambling Act 2005: “To prevent gambling from becoming a source of crime or disorder; that no operator can be associated with criminal activities; ensuring that no operator’s business structures or products can become a mechanism for supporting crime.”
“Senior management must be fully engaged in the processes for a casino operator’s assessment of risks for money laundering and terrorist financing and must be involved at every level of the decision making to develop the operator’s policies and processes to comply with the Regulations,” the Commission stated and warned: “Disregard for the legal requirements, for example, turning a blind eye to customers spending criminal proceeds, may result in criminal or regulatory action.”