New Regulations to prevent gambling related crime outlined by UKGC
May 10th, 2016
Late last year, a consultation was led by the UK Gambling Commission with the aim of finding better ways to tackle gambling-related crime. The rules which emerged from the meeting have been outlined and are due to come into force later in 2016. The aim is to tackle key acts which bring crime into the gambling sector; such as money laundering.
The UK Gambling Commission is the regulatory body for all gambling related activity in the United Kingdom. Nick Tofiluk currently holds the position of the director of regulation at UKGC. He is urging all operators who supply products and services to British consumers to read the documents sent to them by the UKGC in preparation. All operators should aim to be fully prepared to adhere to the new rules before their introduction in August 2016.
As per new regulations, operators will be required to carry out an assessment detailing the risks of money laundering in their business. The results of this assessment should be used to draft measures to keep money laundering out of the industry. Terms and conditions must be imposed to prevent staff from taking advantage of suspicious activity. They will now be required to report any instances where policies have failed to prevent gambling-related crime to the UKGC.
Measures to prevent crime in this sector are due to become much more forceful with the aim of protecting all involved.