Regulation & Record Enforcement Action - Stringent AML Compliance in the Gambling Sector

Introduction

2022 has seen the Government rush through new legislation to bolster the UK’s offensive against illicit finance and the gambling sector is far from immune to the increased focus on anti-money laundering compliance and ramping up of enforcement action.

In August 2022, the Gambling Commission entered into the highest ever regulatory settlement with a gambling business in respect of its social responsibility and anti-money laundering failures, and the publication of the white paper on reform to the Gambling Act 2005 is imminent.

This webinar will provide refresher training on the relevant money laundering legislation as well as offering practical advice on how businesses in the gambling sector should approach their AML obligations to ensure they are fully compliant and not at risk of regulatory action or even criminal prosecution.

What You Will Learn

This webinar will cover the following:

• Refresher on:
• The AML legal framework as contained in the Proceeds of Crime Act 2002 and the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017:
• AML obligations pursuant to the Gambling Act 2005 and the Gambling Commission’s Licence Conditions and Codes of Practice :
• Practical tips on the risk-based approach of the Money Laundering Regulations including the importance of business-wide and customer specific risk assessments, properly considered policies and procedures and thorough due diligence:
• Lessons learned from the Gambling Commission’s recent enforcement action :
• An update on legal developments including the Economic Crime Acts and amendments to the Money Laundering Regulations and how they impact on the gambling sector:

This pre-recorded webinar will be streamed at 12:30pm on Tuesday 13th December 2022 and will remain available to view by delegates who have registered by then for 90 days.

Quick Quiz - Test Your Knowledge: Money Laundering