As a sign of reiteration to the UK commitment towards fight against money laundering, the UK Gambling Commission has in its yuletide message to the UK gambling operators issued warning to them to increase and maintain their anti-money laundering compliance or face ruthless sanctions as the European Union’s 5th Anti-Money Laundering Directive will take effect on January 10, 2020. The UK Gambling Commission will also on January 10, 2020, publish the 5th edition of its guidance for casino operators on The Prevention of Money Laundering and Combatting the Financing of Terrorism- the edition which will be effective immediately on publication.
Ensuring minimal Anti-Money Laundering risks from the introduction of new products together with business practice or technology, having specific policies and controls for implementing the slated changes and ensuring adequate staff training is the major included part in the casino-specific aspects of the UK Gambling Commission’s new regs. Though the UK Gambling Commission acknowledged the fact that implementing changes to company policies may take time, but it still wants to see to it that the policies and rules guiding Anti-Money Laundering are followed to the letter.
