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Guidance

Duties and responsibilities under the Proceeds of Crime Act 2002

This advice explains how operators can make sure they and their employees comply with their obligations under The Proceeds of Crime Act 2002 (POCA).

  1. Contents
  2. Annex A - Glossary of terms

Annex A - 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)

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)

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

Operators

Firms holding an operating licence issued by the Commission

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

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

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

The Act

The Gambling Act 200

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 Terrorism Act

The Terrorism Act 2000

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