United Kingdom: Gambling operators face new anti-money laundering obligations under revised licensing regime
28 Oct 2016

The revised licensing conditions and codes of practice (LCCP) will require gambling operators to “conduct an [appropriate] assessment of the risks of their business being used for money laundering and terrorist financing” and then implement “appropriate policies, procedures and controls to prevent money laundering and terrorist financing”.

The new licensing provisions also require gambling operators to account for the use of digital currencies. Gambling operators must put in place policies and procedures relating to payments by digital currencies, as well as by cash and other cash equivalents, to “minimise the risk of crimes such as money laundering, to avoid the giving of illicit credit to customers and to provide assurance that gambling activities are being conducted in a manner which promotes the licensing objectives”.

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