The 5th Money Laundering Directive Comes into Effect to Guide Casinos

13 Jan 2020

Money laundering regulations within the online gambling community have been given an update thanks to the work of the 5th Money Laundering Directive. The 5th Edition of this document has been officially published by the UK Gambling Commission to help promote further guidance for online casinos, and land-based casinos, to combat against financial crimes and terrorism. Since its authorization, the regulations have come into effect immediately afterwards.

The UK Gambling Commission has given time for the online gambling community to read up on these new guidelines and to proceed with any necessary changes. This comes from the advice previously given to them after the last update to the policy. The changes made must come from a full review by the business in order to make the correct assessments. This includes looking into their financial history, risk assessment, etc.

The 5th edition includes many new changes to the money laundering regulations. Here are some examples:

  • Taking the appropriate measures to prepare new products and see if they are at risk.
  • Review reliable sources of information and where they receive it.
  • Any agents under the operator’s workforce are given proper training and assessments with regards to anti-money-laundering and prevention of terrorism financing.
  • Making sure there are specific policies which attain to certain situations and are followed by the appropriate procedure.

For the financial side of things, assessments into any transactions will be the primary focus. This includes looking into cross-country transactions, larger transfers of money, and checking the security of financial information given by the customers. Especially, they must make sure that none of these future transactions serve any legal or economic purpose or connected to any third-party or foreign entities.

The commission has also added some additional guidelines to risk-based approaches, risk assessments and risk-based customer diligence.

Previous UK Gambling Commission News

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