The UK’s online gambling operators are well and truly under the regulatory microscope. The UK Gambling Commission (UKGC) has written to all UK remote gambling operators and warned them to review their procedures in relation to anti-money laundering (AML) regulations and social responsibility provisions.
Through a compliance assessment, the UKGC found many operators were unable to spot signs of financial crime and problem gambling. As a result, the regulator is currently investigating 17 remote operators and considering a licence review of five.
Online gambling is booming. It accounts for over a third (34 per cent) of the total gambling market in the UK and generated £4.7bn in Gross Gambling Yield to the year ending March 2017, an increase of 10.1 per cent on the previous period.
With the rise in online gambling, the legal landscape looks set to tighten even further in 2018 and those that are not compliant with regulatory demands risk losing their licence to operate completely.
We identified four key takeaways for operators from the open letter:
- Implement policies to identify potential money launderers and problem players at application and throughout player life cycle.
- Introduce measures for customer due diligence, and enhanced due diligence where appropriate, to ensure they are not aiding anti-money laundering activities.
- Make use of all available data sources.
- Be able to demonstrate evidence of the above to a regulator.
TruNarrative provides a platform that enables remote gambling operators to fulfil both current and forthcoming regulatory obligations with minimum impact on their core business. It also ensures the customer journey for good customers remains a positive one.
Let us show you how the TruNarrative platform can help you meet and exceed ever-changing compliance standards, responsible gaming and VIP management.
If you are attending ICE Totally Gaming in February and would like to find out how we can support you in showing the regulators you are meeting the necessary requirements for AML Compliance, Responsible Gambling and Player Protection, get in touch on +44 (0) 7940 989350. Alternatively, you can BOOK A DEMO with the team or find out more here.