UKGC adds more regulations to stop money laundering

Under fire land based casino operators in the UK have been given a list of new requirements to add to the current list to prevent money laundering and organised crime within the gambling sector.

The UK Gambling Commission (UKGC) has published the new rules will come into force later this year.

Casino operators will now also be required to

• Conduct an assessment of the risks of money laundering in their business, and show that they have effective policies, procedures and measures to mitigate these

• Report to the UKGC any criminal investigations involving them or their premises where it appears their measures to keep crime out of gambling have failed

• Operators are further advised to  impose terms and conditions to prevent employees from taking advantage of suspicious or irregular betting patterns.

Nick Tofiluk, the Commission’s Director of Regulation, said: “Britain’s gambling industry needs to focus on keeping crime out of gambling and these new requirements will help them do just that.

“We are urging all operators who supply products to consumers in Britain to read our document on the changes thoroughly and ensure their businesses are ready for when they come into force in the autumn.

“Along with ensuring their products are fair and open and children and vulnerable people are protected, preventing crime associated with gambling should be extremely high on every operator’s agenda.

“These new requirements encourage licensees to take a proactive and tailored approach to meeting their obligations to achieve meaningful results rather than focusing on processes alone.”
A casino manager that did not want to be identified said that already the current money laundering regulations for casinos are making it very difficult and are driving many larger gamblers away and possibly underground to gamble where questions are not asked if they gamble with a few thousand pounds per visit.