Betting and Gambling Council Host AML Training for Gambling Industry
During the Gambling Anti-Money Laundering Group (GAMLG) training day on September 6th, the Betting and Gaming Council (BGC) provided a forum for industry participants to discuss money laundering issues and develop standards.
BGC presented insight into industry trends and shared knowledge on the final day of GAMLG training, highlighting concerns about money laundering. As a group, the Council shares expertise and sets standards in the Anti-Money Laundering (AML) and Counter Terrorism Financing (AML-CTF) space.
GAMLG was founded in 2016 with the support of the BGC and independently led by Keith Bristow, to promote the legalisation of the cross-industry approach to money laundering issues. Even though the National Risk Assessment considers gambling low-risk, the industry is eager to raise standards and foster best practices to deter illicit activity.
The event aimed to share best practices and address current concerns in the gambling and gaming industry related to AML-CTF. Over 100 people from 40 firms attended the event, including Playtech, Entain, Buzz Group, Flutter, Betfred, and Genting. The day’s goal was to entice companies of all sizes to think about substantial developing risks, best practices, and advancements that reflect the range of compliance activities across BGC operators.
Jamie Colley from the Gambling Commission, senior management, and Harri Gwynllyw from the UK Financial Intelligence Unit, senior officer, addressed the AML compliance and SAR best practices, respectively. Various industry professionals offered additional workshops on AML foundations, GC Guidance implementation, and response after finding an AML concern. The experts also discussed the importance of identifying sources of money and source of wealth checks. BGC members will continue to cooperate with GAMLG to strengthen standards across the industry in order to keep illicit activity out of the gaming and gambling sector.
Suggested Reads:
FBI REVEALS NORTH KOREA’S LAZARUS GROUP INVOLVEMENT IN $41 MILLION STAKE HACK
CAMBODIA AND THAILAND POLICE FORCES UNITE AGAINST MONEY LAUNDERING AND TERRORIST FINANCING
UAE REGULATORY AUTHORITY ENFORCES IMPORT INVOICE VERIFICATION TO FIGHT TRADE-BASED MONEY LAUNDERING
