Gambling - Commission Statement on anti-money laundering and social responsibility controls

The Gambling Commission have published a public statement following a recent engagement with Ladbrokes regarding a number of compliance and policy matters. The statement headed "Important lessons for the Gambling industry on anti-money laundering and social responsibility controls" considers the following Operational aspects:

• Managing trading and the competitive nature of the trading room in combination with meeting regulatory obligations, including managing risk to the licensing objectives.
• Identification of player risk across a range of products and platforms.
• Managing anti-money laundering controls, including in connection with criminal investigations, and responsible gambling obligations.

With regards money laundering, following the engagement between Ladbrokes and the Commission it was agreed that there was a clear need for significant improvements, particularly in relation to the following:

• taking early opportunities to prevent potential money laundering, and
• transparency and recording of decision making
• maintaining an audit trail that demonstrates all risks to the licensing objectives have been properly considered and managed appropriately.

All licensed gambling operators are required to have in place effective policies and procedures to identify and manage the risks to the licensing objectives arising from the business and therefore measures including those set out above should be complied with.

The Commission now intends to amend its Guidance in order that operators might more easily understand how to deliver their concurrent obligations of identifying and interacting with players at risk and observing their obligations under the Proceeds Of Crime Act 2002.

The full statement can be found clicking here