Today, the British gambling regulatory authority UK Gambling Commission (UKGC) revealed that the HM Government has published a new piece of regulation, called The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. The latter comes into effect today, on June 27th.
The Programme Director of the UK Gambling Commission Richard Watson commented on the implementation of the new piece of regulations, saying that the Commission welcomes the new rules, which support the licensing objective of the UKGC to keep gambling fair, transparent and crime-free.
Mr. Watson also confirmed that the UK gambling regulatory watchdog is currently in the process of revising its anti-money laundering guidance in order to comply with the new Regulations. The UKGC’s Programme Director said that casino operators need to take into account the new requirements, so they have to take their anti-money laundering responsibilities seriously and implement the necessary changes in their policies.
The new regulations are presented after a transposition period of the EU 4th Money Laundering Directive. In addition, it comes to replace the previous Money Laundering Regulations from 2007.
Under the new rules, all casino operators in the country, including online and brick-and-mortar ones would be required to comply with the new regulation. In addition, casino operators who offer their services on the territory of the country would have to make sure they feature effective measures in order to prevent money laundering, terrorist financing and transfer of funds.
In addition, casino operators will be invited to provide their feedback on the matter, so they would be able to check out the special guidance for remote and non-remote casinos. The Guidance is especially aimed at the remote and non-remote casinos in the country, in order to make sure they are also devoted to the prevention of money laundering, terrorism financing and other illegal activities. The Guidance includes rules and guidelines for the casinos as gambling venues, as well as for the casino employees.
It provides casino venues with legal background, including the FATF Recommendations and EU Directive, the Proceeds of Crime Act, the Terrorism Act, the Money Laundering Regulations, etc. The Guidance also offers more information about the gambling operators’ role in the anti-money laundering procedures, but it also provides full information about the role of the Gambling Commission in the process.
The UK Gambling Commission also reminded that all casino and gambling operators still would have other duties in order to make sure they are fully-engaged with anti-money laundering procedures under other pieces of legislation, including the Gambling Act, the LCCP and the Proceeds of Crime Act. In addition, the Gambling Commission stated that standards would have to further be raised across the industry. What is more, the UK Government has issued a warning that has the power to impose the new Money Laundering Regulations to other sectors at a later date, in case that those sectors are evaluated as being put at higher risk.
- Author
Daniel Williams
