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Preventing money laundering and the financing of terrorism

Glossary of terms  

 

AML

Anti-money laundering

Beneficial ownership

Beneficial ownership is enjoyed by anyone who has the benefits of ownership of property, but does not apparently own the asset itself

Business relationship

A business, professional or commercial relationship between an operator and a customer, which is expected to have an element of duration

Business-to-business

A term used to describe commerce transactions between businesses, or the exchange of products, services or information between businesses. In other words, it is business which is conducted between firms, rather than between firms and consumers (or customers).

Casino operators

Firms holding a casino operating licence issued by the Commission.

Criminal spend

In the context of gambling, the use of the proceeds of crime to fund gambling as a leisure activity (otherwise known as lifestyle spend)

CTF

Countering terrorist financing

Customer tracking

The process of capturing drop and win data for a customer

Drop/win figures

Data recorded by casinos that covers the total value of chips purchased as well as the total loss or win for a customer over a 24-hour period

Money laundering

The process by which criminal or 'dirty' money is legitimised or made 'clean', including any action taken to conceal, arrange, use or possess the proceeds of any criminal conduct. Defined in section 340 of POCA.

Non-remote casinos

Casinos licensed to operate commercial casino premises.

Operators

Firms holding an operating licence issued by the Commission

PFL

Personal functional licence 

POCA

The Proceeds of Crime Act 2002, which is intended to reduce money laundering and the profitability of organised crime through the use of tools such as asset recovery

PML

Personal management licence 

Proceeds of crime

Property from which a person benefits directly or indirectly, by being party to criminal activity, for example stolen money, money from drug dealing or property stolen in a burglary or robbery

Remote casinos

Casinos licensed to offer casino games by means of remote communication.

SAR

A suspicious activity report – the means by which suspicious activity relating to possible money laundering or the financing of terrorism is reported to the NCA under POCA or the Terrorism Act

Source of funds

Where the funds, money or cash to finance the transaction come from

Supervisory authorities 

Supervisory authorities, which are listed in regulation 7 of the Regulations. The Commission is the supervisory authority for casinos.

The Act

The Gambling Act 2005

The Commission

The Gambling Commission

The NCA

The National Crime Agency, which became operational in October 2013, is a crime-fighting agency with national and international reach that works in partnership with other law enforcement organisations to cut serious and organised crime. The NCA is the organisation to which suspicious activity is reported.

The Regulations

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. 

The Terrorism Act

The Terrorism Act 2000

Third country

A country which is outside the European Union.

UKFIU

The United Kingdom Financial Intelligence Unit, which is the unit within the NCA that operates the disclosure and consent regime for money laundering