The Gambling Commission is consulting until 8 September 2017 on revised AML and CTF guidance for casinos (The Prevention of Money Laundering and Combating the Financing of Terrorism – guidance for remote and non-remote casinos) to reflect provisions in the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 which came into force on 26 June 2017.
Both the consultation document and the consultation response form can be downloaded below. The proposed amendments to the guidance focus on the following aspects:
- Role of the Gambling Commission
- Identifying and assessing the risks
- CDD and ongoing monitoring
- Threshold approach
- Enhanced CDD and enhanced ongoing monitoring
- Simplified CDD (new provision)
- Reliance (new provision)
- Business relationships
- Obligations on all casino operators
- Policies, procedures and controls
- Internal controls (new provision)
- Requirements to cease transactions
- Retention of records
- Data protection (new provision)
- Appropriate consent (to include change in NCA terminology for consent requests and new moratorium provisions arising from Criminal Finances Act 2017)
Particularly key proposals included in the consultation include:
- Casino operators must now apply enhanced due diligence on domestic politically exposed people (“PEPs”); previously this was only required on foreign PEPs
- Casino operators are no longer permitted to outsource the nominated officer roles and responsibilities; the Commission is asking operators what the impact will be
- The customer due diligence threshold is no longer based on a customer’s aggregated spend over a 24-hour period, but is now determined by any transaction of €2,000 or more, whether it is a single transaction or occurs in several which appear to be linked.
The Commission is seeking views on the key revisions that it proposes to make to the guidance with the aim of generating specific discussion on these points. Respondents are, however, free to make general points about the proposed changes, or points on changes that the Commission has proposed but that are not specifically raised in the consultation questions.