UK Gambling Commission Bets Crackdown Will Improve AML Compliance

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Four gambling businesses have been fined £4.5 million for failing to put in place effective safeguards to prevent money laundering as the UK Gambling Commission works to improve anti-money laundering (AML) compliance for online gambling.

The announcement – a result of an ongoing investigation into online casinos – comes on the heels of the recent release of a guidance from the gambling commission aimed at helping casinos comply with rules for money laundering and terrorism financing.

InTouch Games Limited will pay £2.2m, Betit Operations Limited will pay £1.4m, MT Secure Trade will pay £700,000 in lieu of financial penalties, and BestBet will pay a financial penalty of £230,972.

Those fines were the result of an 18-month crackdown on the industry as the commission told 123 online operators to raise standards to comply with AML rules and protect consumers. Since the investigation began, five operators have surrendered their licenses and no longer operate in the UK.  Last November, three companies paid nearly £14m in penalty packages as result of failing to put in place effective safeguards to prevent the flow of dirty money and keep consumers safe from gambling-related harm.

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