Gambling Commission risk assessment published
18 December 2020
The Gambling Commission has released its updated version of its risk Assessment of money laundering and terrorist financing in the British gambling market 2020 today and builds upon its previous 2019 publication.
This publication meets the Commission’s regulatory obligation as a statutory supervisor under The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, Regulation 17 (1).
All relevant licensees are reminded that Licence Condition 12.1.1.3 Prevention of money laundering and terrorist financing means they must:
‘ensure that such policies, procedures and controls are implemented effectively, kept under review, revised appropriately to ensure that they remain effective and take into account any applicable learning or guidelines published by the Gambling Commission from time to time.’
The 2020 Risk Assessment contains applicable learning and updated risks that gambling businesses can encounter, that increase the risk of money laundering and terrorist financing in the British gambling market and must be taken into account and effectively mitigated by licensees in their revised risk assessments.