This week, the first training day for the Gambling Anti-Money Laundering Group (GAMLG) was completed by the Betting and Gaming Council (BGC). The main goal of the workshop was to show operators ways to reduce the risks of money-laundering activities and ensure best practices.
Despite gambling being categorised as a low-risk activity by the Government’s National Risk Assessment (NRA), the gambling industry is focusing on improving the way operators are tackling high-risk gambling issues and hope to further prevent criminal activities in the UK gambling sector.
Gambling Determined as Low Risk by NRA but Still Requires Special Attention
The main objective of the first training day of GAMLG was to teach best practice and developments as well as ways to recognise major emergency risks. According to the standards body, these topics were expressing the different compliance functions that are being an essential part of all its operations.
Some 80 delegates from 30 major gaming and betting businesses in the UK participated in the day-long training session. Some of the prominent representatives of the gambling industry in the UK included William Hill, Entain, Genting, Playtech, Betway, and Gamesys. Key speakers at the event included Claire Wilson, UK Gambling Commission (UKGC) Senior Manager, and Graeme Biggar, Director General at the National Crime Agency (NCA).
The discussion at the event was focused on the regulatory model that is currently implemented and the lessons that can be learned from recent regulatory enforcement cases. The present risks that the gambling sector is facing, including anti-money laundering threats, were also discussed at the event.
The BGC, which held the first training workshop, announced that the main goal of the Group was to reduce potential money laundering threats and also teach operators best practice. The organisation also added that they feel impelled to make gambling a risk-free industry despite the fact it is considered a low-risk sector by the UK’s NRA.
Several Cases of Anti-Money Laundering Failings Spark the Focus on Prevention of Money Laundering Risks
The first training day of GAMLG also had a speech held by representatives of the UK Financial Intelligence Unit as well as KPMG. The former gave guidance for better quality SARs and the latter presented a tutorial on how a culture of compliance can be built.
Anti-money laundering and social responsibility failings have been the reason for recent actions taken by the UKGC against a number of prominent gaming and betting operators. This was also the purpose of the increased focus of BGC on money laundering risks in the gambling industry.
One example of a high-profile company fined for failing in following anti-money laundering and social responsibility guidelines is 888. In March, the UKGC imposed a fine of £9.4 million on the well-known gambling company. Other similar cases include BetVictor, which was penalised with a fine of £2 million, and Genesis Global, which had to pay a financial penalty of £3.8 million. All cases included similar failings in following anti-money laundering and social responsibility requirements.
- Author
Daniel Williams
