Gambling and AML compliance: UK identifies considerable scope for improvement
Stuart McMaster
Business Shapers
03 November 2015

Gambling and AML compliance: UK identifies considerable scope for improvement

AML compliance in the spotlight

The UK Gambling Commission has carried out investigations over the past two years against several major operators in relation to short-comings in their AML procedures. Those investigations were recently highlighted in a UK government assessment of the level of AML risk presented by the UK gambling industry. It is perhaps telling that, in a recent interview with GamblingCompliance, Jenny Williams (the former chief executive of the UK Gambling Commission) indicated that she expected to see further cases of poor AML compliance being exposed over the next 12 months.

Following last year's move to a point of consumption (POC) licensing regime, all offshore operators with UK customers are now required to comply with UK AML regulations. Against that backdrop, the UK government has recently noted that the effectiveness of the AML compliance measures being taken by the online industry has yet to be fully assessed since the POC regime came into force.

This blog looks at the papers published by the UK Gambling Commission and the UK government over the last month. The Gambling Commission published a consultation paper on its licence conditions and codes of practice (LCCP) in relation to the prevention of crime associated with gambling. HM Treasury meanwhile has published its first "UK national risk assessment of money laundering and terrorist financing", the objective of which is to better understand the UK's money laundering and terrorist financing risks.

Read the full article here.