UKGC AML Updates on Virtual Assets and SARs

UK licensed gambling operators should take note that the Gambling Commission’s AML team has published the following updates during August 2021:

New UKFIU podcast: virtual assets

The United Kingdom’s Financial Intelligence Unit (UKFIU) has released a further podcast (opens in new tab) where they discuss virtual assets which covers: what they are, how they work, the complexities faced by law enforcement and the role suspicious activity reports (SARs) and reporters can play. The podcast includes contributions from the National Economic Crime Centre (NECC), the National Police Chiefs’ Council cybercrime programme and the reporting sector and examines the impact of the fifth money laundering directive regulations on SARs regime stakeholders.

The podcast is also available from other streaming sites such as ukfiu.podbean.com, iTunes, Apple Podcasts, Podtail and Amazon Music.

Latest UKFIU SARs Report Booklet (August 2021)

The UK Financial Intelligence Unit’s (UKFIU) latest publication (opens in new tab) provides a snapshot of some of the work of law enforcement agencies in utilising suspicious activity report (SAR) intelligence to initiate investigations and informing existing ones and therefore highlights the importance of submitting (quality) SARs. The publication also references a case of ‘romance fraud’ with a link to gambling.

Operators are also reminded of the need to submit a corresponding SAR ‘key event’ to the Commission (as required under Licence Condition 15 of the Licence Conditions and Codes of Practice).