UKGC warns operators over Fifth AML Directive
New guidance for online operators to come into force on 10 January 2020
The Gambling Commission has warned operators to implement the EU’s 5th Anti-Money Laundering Directive with “requisite urgency” ahead of the directive’s entry into law on 10 January 2020.
The Commission has said it will publish an updated 5th edition of its prevention of money laundering and combatting the financing of terrorism document, which will come into force immediately, affecting online operators.
Ahead of the publication of this guidance document, the UKGC has called on operators to conduct a review their existing AML and terrorist financing risk assessments, policies procedures and controls.
“The Commission recognises that it takes time to implement changes and we will take that into account, but we expect to see that operators have acted promptly, invested appropriately and implemented changes with the requisite urgency,” the UKGC said.
Main changes affecting operators include a requirement to take “appropriate measures” in AML standards when launching new products and technology. Operators must also ensure that staff members receive appropriate training on AML and counter terrorist financing. The directive also imposes further requirements on so-called enhanced due diligence measures affecting high-risk countries and unusually large transactions made by players.
These include any transaction which has “no apparent economic or legal purpose”, as well as certain types of transactions made by players.
Elsewhere, the UKGC has announced the launch of a new online self-service portal for personal management licence (PML) holders.
The new service, available on the UKGC website, allows personal licence holders to quickly change personal details, report key events linked to their licence and download e-copies of the licence itself.
It also includes a processing tool that reduces processing times from several weeks to just a few days.
Helen Venn, executive director at the Gambling Commission, confirmed that it had already received 4,000 users and improved processing time by 80%.
“The result is a much more efficient process for everyone through a more streamlined, simpler service,” she added.