UKGC New AML Guidelines to be Implemented in January

Staff Writer Industry News 443

The UK Gambling Commission has officially confirmed the date of the implementation of the latest Anti Money Laundering (AML) guidelines. The new rules, which target money laundering operations, will come into effect on January the 10th.

What This Brings to the Industry

The new regulations bring several changes to online casino gaming. Operators and software companies will need to fulfil strict requirements to keep or acquire a license from UKGC. Most notably, they will need to invest in the appropriate technology to lessen the risks of money laundering in the industry.

Furthermore, they will have to introduce other requirements for better player conditions. That involves measures for “high-risk third countries, complex or unusually large transactions, and measures for unusual patterns of transactions. Furthermore, operators will have to devise measures the transactions have no apparent economic or legal purpose, as well as customers who are beneficiaries of life insurance policies. If the customer is a third-country national who has received citizenship in an EEA state in exchange for something, measures will be necessary. The exchange covers the purchase of property, government bonds or investment in corporate entities in the EEA state.

The Fight Never Ends

Along with the EU 5th Money Laundering Directive, the UKGC will also publish the 5th edition of its guidance for remote and non-remote casinos. Titled ‘The prevention of money laundering and combating the financing of terrorism’, will come into force immediately on publication.

In the official statement, UKGC said: “The Commission recognises that it takes time to implement changes and we will take that into account, but we expect to see that operators have acted promptly, invested appropriately (if the technology is required to accommodate the changes) and implemented changes with the requisite urgency.”

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