UK gambling operators have been warned by the UKGC over AML regulations. On Monday (23 Dec), the UK Gambling Commission issued a Christmas holiday message reminding licensees about European Union’s 5th Anti-Money Laundering Directive is set to take effect on January 10, 2020.
On the same day, the regulator will also publish the fifth edition of its guidance for casino operators – Land based and online, on the prevention of money laundering and combatting the finance of terrorism.
The new regulations ensure minimal AML risks while new business practices, technology or products are introduced. The new set of rules offers specific policies and controls for implementing the above changes and ensuring adequate staff training.
The UKGC acknowledges the fact that implementing changes to company policy takes time, but expects operators to act promptly, invest appropriately (if technology is required to accommodate the changes) and implement changes with the requisite urgency.
Source – TUNF