Developed by the the Gambling Anti-Money Laundering Group (“GAMLG”), new best practice anti-money laundering (“AML”) guidelines, that aim to ensure the identification, reporting and mitigation of risks for betting shops and for online gambling operators, have been published today. They can be downloaded below.
The Association of British Bookmakers (“ABB”) website states as follows:
While the gambling sector has formally been classified by the Government as being of low risk, the industry remains focused on combating financial crime and are constantly reviewing policies and guidance to ensure that the industry remains low risk.
The best practice document is aimed at setting common standards across online and retail betting operators to assist staff in spotting potential fraudulent activity, developing a clear reporting process, and more generally raising awareness for all levels of staff, from customer-facing staff through to those at board level.
Keith Bristow, GAMLG Chairman, said:
“This new best practice document aims to ensure the identification, reporting and mitigation of money-laundering risk across the retail and online betting sectors. It’s publication will raise awareness of the work being undertaken to mitigate money laundering risk and ensure that lessons from the sector are shared with other industries working to tackle the issue”.
GAMLG was established in 2016 by the Association of British Bookmakers and the Remote Gambling Association to deliver a commitment to keep the gambling industry crime-free and to encourage high standards of integrity.
We have previously reported on last year’s GAMLG’s first AML Risk Assessment for Licensed Betting Offices and Remote Gambling Industries.