The prevention of money laundering and combating the financing of terrorism
The Money Laundering Regulations
1.27 The Regulations (The current regulations (The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017) came into effect on 26 June 2017 and implement the 4th EU Anti-Money Laundering Directive. Regulations implementing the 5th EU Anti-Money Laundering Directive are expected to be promulgated in early 2020.) represent the UK's response to the EU Directive and implement the law in the UK on this topic. They set requirements for the AML/CTF regime within the regulated sector (which includes casinos).
1.28 The Regulations apply to non-remote and remote casinos, licensed by the Commission, who act in the course of business carried on by them in the UK. This includes remote casinos which either:
- have at least one piece of remote gambling equipment situated in Great Britain, or
- do not have remote gambling equipment situated in Great Britain, but the gambling facilities provided by remote casino are used in Great Britain (Regulations 8 and 9.)
1.29 The Regulations impose additional requirements on the regulated sector. These include risk assessments and requirements in respect of written policies, procedures and controls, internal controls, CDD, record keeping and training.
1.30 This guidance sets out how casino operators must and can comply with the law governing money laundering and terrorist financing. The law places responsibilities on the Commission as the supervisory authority for casinos. The Commission should produce guidance that helps casino operators to meet the requirements of the law, is workable in the remote and non-remote casino environments and is approved by HM Treasury. This guidance, therefore, covers the full requirements of the UK law as it affects casinos.
Next chapter: The role of Gambling Operators