UK Gambling Commission Introduces New Anti-money Laundering Requirements

At the end of November, the UK Gambling Commission introduced its new anti-money laundering (AML) compliance approach.

These measures, which emerged from the UKGC's summer 2023 consultations, are designed to enhance accountability and governance within gambling organisations.

The UK gambling market

The UK market is experiencing significant changes, including the introduction of a new mandatory levy in the sector and a slowdown in consumer spending growth.

As per the revised Licence Conditions and Codes of Practice (LCCP), certain senior management positions in gambling companies are now mandated to possess personal management licenses (PMLs).

The impacted roles include individuals in charge of the business's overall management, usually CEOs or managing directors, and those presiding over boards of directors, where relevant.

Furthermore, the individual leading the organisation's AML and CTF initiatives, together with the appointed officer responsible for reporting suspected money laundering or terrorist financing, is also required to possess a PML. These changes are industry-wide, with the exception of small-scale operators.

Requirements for casino operators

There are additional requirements for casino operators. The designated compliance officer, who ensures adherence to AML regulations and is often a board member or part of senior management, must now obtain a PML.

Plus, the designated officer tasked with reporting suspicious financial activities must adhere to the same standards. Those in charge of such reporting are also required to comply with the new licensing criteria for non-casino entities.

These changes are components of a broader regulatory reform aimed at improving compliance and governance within the sector. The revisions aim to make current duties clearer and extend the scope of PML regulations.

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