Tag Archives: money laundering

Gamesys to pay £1.2m for social responsibility & AML failures

Online gambling operator Gamesys (Gibraltar) Limited will pay £1.2m for failing to prevent gambling harm and breaching money laundering regulations, the UK Gambling Commission (UKGC) has announced this morning. Gamesys operates the newly launched Virgin Bet, sports data site Live Score and a range of further igaming sites. The regulator launched an investigation into the operator’s processes after police investigations revealed …

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Spelinspektionen collaborates with authorities on anti-money laundering initiatives

Sweden’s Spelinspektionen has strengthened its fight against money laundering and terrorist financing after agreeing to team up with sixteen of the country’s authorities to introduce new protocols to combat corruption. Arising from the results of a new national risk assessment to identify and assess Swedish authorities’ challenges in the area, it has since been emphasised by the authorities that it …

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Malta MGA wants industry stakeholders to get smart on new EU-wide anti-money laundering rules.

Issuing a market update, the Malta Gaming Authority (MGA) has published a joint industry consultation with the Financial Intelligence Analysis Unit (FIAU) detailing forthcoming changes to EU-wide business policy relating to ‘anti-money laundering and combatting the funding of terrorism (AML/CFT) requirements’. The document highlights provisions set by the European Parliament and Council on new regulations relating to the prevention of …

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Bookmakers remain exempt from latest money laundering rules

Copyright: mkos83 / 123RF Stock Photo

Bookmakers already celebrating a successful start to Cheltenham week will have further cause for celebration with the news that the betting industry will continue to be exempt from European money laundering rules. There was a real danger that the Fourth EU Money Laundering Directive would encompass bookmakers given the classification of gambling as a high risk area for money laundering. …

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UKGC publishes new rules to tackle crime linked to gambling

The UK Gambling Commission (UKGC) has published a set of new requirements to prevent crime associated with gambling. The new rules will come into force later this year and  follow a Commission consultation which took place at the end of 2015. As part of the changes, UKGC will require gambling operators to: Conduct an assessment of the risks of money …

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Time for bookmakers to wake up and smell the coffee on AML rules

Licensing expert David Clifton, of gambling consultancy Clifton Davies, takes a look at the recent movement by the regulator to tighten up money-laundering processes and doesn’t see any good news for bookmakers. The recent publication on the Gambling Commission’s website of a public statement highlighting failures in Paddy Power’s anti-money laundering (AML) and social responsibility processes is the latest in what …

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Keith Bristow QPM to head up new industry Anti-Money Laundering Group – GAMLG

Keith Bristow QPM, who recently retired as Director-General of the UK National Crime Agency, has been appointed as the first chairman of the Gambling Anti-Money Laundering Group (GAMLG). GAMLG was established in January 2016.  Its initial membership is comprised of the Remote Gambling Association (RGA) and the Association of British Bookmakers (ABB).  The sectors they represent account for over 70% …

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Lords debate restrictions on B2 Gaming Machines

Fixed odds betting terminals have been debated in the House of Lords, with the usual mix of hot air and in-depth analysis that has come to be frequently parodied of the UK’s second legislative house. The whole discussion has been kicked off by Lib Dem Peer Lord Strasburger, despite the fact he doesn’t appear to know what the existing stake …

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bet365 criticised over inadequate money laundering controls

bet365 has been pulled up on its anti-money laundering and social responsibility measures by the UK Gambling Commission. Following an investigation by West Yorkshire Police leading to the conviction of an individual for serious theft and money laundering offences, the Commission conducted its own investigation into potential weaknesses in anti-money laundering (AML) and social responsibility controls put in place by …

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Money laundering changes disappoint RGA

The Remote Gambling Association (RGA) has expressed disappointment at the new amendments to the European Commission’s proposal for a new Anti-Money Laundering Directive (AMLD), which has singled out online gambling as an area for high regulation. The amendments adopted by the European Parliament today would require online gambling operators to conduct due diligence as of the establishment of the business …

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