The UK Gambling Commission has revised its guidance for UK operators when it comes to AML and counter-terrorist financing (CTF) policies.
It comes as all UK financial and business institutions continue to navigate through pandemic and lockdown circumstances during 2021. The amendments have already been approved by HM Treasury and will come into force with immediate effect.
Deemed relatively minor in their l impact, the changes will require operators to undertake a deeper due diligence and clarification of the list of high-risk third party countries, which now applies to the UK as a result of leaving the European Economic Area (EEA).
Moving forward, licensed operators will be required to replace in their submissions, the instances of EEA state with “the United Kingdom”
Furthermore, within the reliance chapter of its guidance, the UKGC states that officers who carry on business within EEA states, must be reported as third parties which may be relied on the amendment of the definition of third country, which is now a country outside the United Kingdom. Revisions, even if only minor, come ahead of the review of the UK Gambling Act, which is likely to see significant changes to the sector’s protocols on AML, as well as the general combating of fraud.