On January 10, 2020, when the European Union 5th Money Laundering Directive came into force, the UK Gambling Commission published the 5th edition of its guidance for casinos on the prevention of money laundering and the combating of terrorism financing. The purpose of the guidance is to outline the legal framework for anti-money laundering and combating terrorism financing, to describe good industry practice in these fields, and to assist casino operators in designing and implementing the policies, procedures and controls necessary to mitigate the risk of being used to facilitate money laundering and terrorism financing.
The updated guidance requires casinos to take appropriate measures to assess and mitigate money laundering risks when adopting new products and business practices, and to ensure that agents and other third parties receive anti-money laundering and counter terrorist financing training. The guidance provides additional direction to help casinos identify what information may be deemed to come from a reliable source that is independent of the person whose identity is being verified, as required by the Directive, and articulates new requirements for enhanced customer due diligence for high-risk transactions.
UK Gambling Commission news release |