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  1. Licensees and businesses
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  4. HM Treasury money laundering consultation response and UK FATF report

HM Treasury money laundering consultation response and UK FATF report

24 June 2022

HM Treasury’s consultation response document sets out amendments to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the Regulations), following a public consultation in July 2021.

Most of the measures mentioned in the consultation response will come into force on 1 September 2022, subject to Parliamentary approval. The Commission advises casino operators to familiarise themselves with applicable changes in advance of implementation.

Key changes relevant to the casino sector include:

Access to suspicious activity reports (SARs)

A clear legal gateway for Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) supervisors to access, view and consider the quality of the content of SARs submitted by supervised populations, provided they are necessary to fulfil supervisory functions.

Proliferation financing

Amendments to regulations 16, 17 and 18 of the Regulations which will require Great Britain’s casino industry to complete their own risk assessments of proliferation financing, alongside their current risk assessments for money laundering and terrorist financing.

Reporting of discrepancies

Expansion of regulation 30A to introduce an ongoing requirement to report discrepancies in beneficial ownership information.

Information sharing and gathering

Expansion of regulation 52 to allow for wider information sharing and disclosure to a range of bodies, and to reduce the existing barriers to sharing information and intelligence that inhibit effective AML and/or CTF supervision.

Crypto asset firms

Information sharing requirements where crypto asset payments are accepted.

FATF publishes follow-up UK FATF Report

The Financial Action Task Force (FATF) follow up report (opens in new tab) on the United Kingdom's (UK) compliance with FATF’s anti-money laundering and counter terrorist financing requirements has been published.

Key findings include the UK:

FATF will continue to monitor the UK’s improvements in areas where partial compliance was identified in the Mutual Evaluation and publish further updates in due course.

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