The Money Laundering Regulations maintained in the United Kingdom have been changed for the gambling industry. This information came when the UK Gambling Commission confirmed that their money laundering legislation had been updated. This update will see the 5th Money Laundering Directive from the European Union implemented into their UK legislation on January 10th, 2020.
The alterations to the legislation aren’t affecting the online market. Instead, it’s applying to all land-based casinos operating in the United Kingdom. Subsequently, going forward to all operators in this marketspace will have to undergo significant reviews from the UKGC. This regulator will review their amending policies, money laundering protection protocols, and risk assessments for terrorist financing. Any concerns found in these reviews will see the immediate termination of licenses. This would affect everything from slot machines to sports betting clubs.
The United Kingdom Gambling Commission confirmed this information through a posting on its website. This post noted that they recognize the difficulties and delays that come with the alteration of legislation, mentioning that they will take that into account under the right scenario for upwards of six months. However, the UKGC has demanded that operators move forward quickly and invest in the appropriate technologies needed to ensure the safety of visitors. Ultimately, this change to the money laundering laws is to benefit anyone entering a land-based casino in England or Ireland. Refusing to mitigate the risks won’t only come with the termination of licenses but will also enforce significant fines onto operators.
This gambling regulator also provided other requirements for these operators. Land-based casinos will need to implement newly reformed safety protocols in high-risk countries operating under the kingdom. This will apply for significant transactions that display unusual patterns. It also requires that all customers must have insurance policies and be a registered citizen of their respective country. All visitors found to be breaking these policies will receive a fine of $5,000.00, and the casino a punishment fee of $25,000.00. Subsequently, all new policies implemented by the United Kingdom Gambling Commission are to be taken seriously.
The significant concern for industry-enthusiasts is the potential that this legislation will be moved towards online markets as well. It wouldn’t be surprising considering the level of money laundering with online casinos in the United Kingdom. However, the online legislation has been focused towards the cryptocurrency markets. Subsequently, these online betting sites have bypassed numerous new forms of law.