UK To Bring In New Money Laundering Laws From January 2020

UK To Bring In New Money Laundering Laws From January 2020

The UK Gambling Commission is all set to implement its new money laundering laws in the country. The gambling regulator has said that its new money laundering laws will come into effect from 10 January 2020.

The UK will have new money laundering laws which will be in accordance with the European Union’s 5th Money Laundering Directive. The gambling commission has also announced that it will also be publishing the fifth edition of its guidance for remote and non-remote casinos on tackling money laundering.

Amongst the most important changes to be brought iS the regulation 19 wherein the gambling operators will have to ensure that they comply with all regulatory measures to curb money laundering while launching new gambling products or during its business.

The regulation also mandates both online and land-based casinos to have specific policies, procedures, and controls for both money laundering and terrorist financing.

The anti-money laundering laws also call for operators to provide adequate training to their employees about the updated regulations.

According to the new regulations, the operators will have to do enhanced due diligence especially of customers who are beneficiaries of life insurance policies, as well as where the customer is a third country national and received citizenship in an EEA state in exchange for the transfer of capital, purchase of property, government bonds or investment in corporate entities in the EEA state.

In its statement, the regulator said: “The Commission recognizes that it takes time to implement changes and we will take that into account, but we expect to see that operators have acted promptly, invested appropriately –if the technology is required to accommodate the changes – and implemented changes with the requisite urgency.”

“Additionally, publication of the updated guidance on 10 January must result in casino businesses reviewing, and accordingly amending, their money laundering and terrorist financing risk assessments, as well as the associated policies, procedures and controls.”