UKGC updates aml procedures

The UK Gambling Commission (UKGC) has updated guidance for non-remote and remote casinos on the prevention of money laundering and combating the financing of terrorism and their advice for all other operators on Duties and responsibilities under the Proceeds of Crime Act 2002.

“The purpose of these updates is to incorporate changes in relation to the submission of SARs by operators where the remote gambling equipment used in a transaction which is known or suspected to involve money laundering is located in Gibraltar and involves a British customer,” the UKGC said.

“These changes are on page 69 of the updated casino guidance and on page 38 of the updated POCA advice document.  Paragraph 6.45 of the casino guidance has also been amended to make it clearer and to provide further guidance.”

The updated guidance and advice will come into effect on 1 January 2019, and the UKGC requests operators familiarise themselves with the changes.

The updated AML guidance doc can be accessed here.

The Duties and responsibilities under the proceeds of crime act 2002 can be accessed here.

In related news, the UKGC is well into its informal consultation on amendments to the protection of customer funds rating system which began December 3, 2018 and ends January 14, 2019.

“This informal consultation will be of interest to all gambling operators, particularly remote operators who hold customer funds to the credit of customers as defined in Licence conditions and codes of practice (LCCP),” the press statement reads.

At present the UKGC requires operators to use a ratings system to inform customers how their funds are protected in the event of insolvency.  This informal consultation proposes to amend the rating system.

Participation in the consultation via an online survey can be accessed here.

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