money laundering gamblingA few months ago, the UK Gambling Commission warned all the casino operators. Their three-year plan for 2018-2020 will focus on social responsibility and related issues, like money laundering, in the gambling industry. These are the very issues that the government got really concerned about last year. So, it seems that they’re taking it more seriously than ever.

The Commission stood true to their word and started acting according to their renewed strategy in full speed on the first days of January. As a result, we now have 17 online casino operators that attracted the attention of officials. This is related to anti-money laundering regulations and limited knowledge of such sensitive issues.


Letter To Casino Operators Regarding Money Laundering

sealed letterA few days ago, the Commission sent a letter to all the casino operators in the industry. The officials are rightfully concerned with how casinos uphold their social responsibilities. Casinos were also asked to review their approach to dealing with anti-money laundering. It’s one of the most important issues of customer safety. So, the UKGC is checking with every gambling operator to make sure that the market is as safe as possible.

After the main regulatory body in this industry found out about possible breaches of licences on a massive scale, they decided to do everything that is in their power. As of today, they are investigating into 17 online operators. Five of them have raised further concerns and might have their licences reviewed. This means that they could even lose them, should the Gambling Commission find out that they didn’t act accordingly.

What’s more, it became clear that some casino officers whose job is to report money laundering have little understanding of the matter. Apparently, they couldn’t describe money laundering well and were unfamiliar with the Proceeds of Crime Act 2002. Reporting of such criminal activity turned out not effective either. It seems that casinos often provide insufficient data for any positive solutions.

What The Gambling Commission Has To Say

uk gambling commissionThe Gambling Commission didn’t name the online casino operators in question. However, they will definitely shake the industry up and we’ll hopefully see the fruits of their labour soon enough. The UKGC Chief Executive, Sarah Harrison, commented that protecting consumers and keeping the crime out of gambling is vital. That’s what their new strategy is oriented towards.

Their current investigation is part of this new strategy and more such relentless actions are to be expected in the future. Harrison also stressed the growth of the remote gambling sector. It now accounts for one-third of all gambling market in the UK and that makes their goals even more important. A market as large and popular as this is no place for criminal activity.

Having that in mind, the officials are also reviewing the online market on a larger scale. Their aim is to identify how it has evolved over the years. This should guarantee that their next move in this fight for safer gambling is relevant and precise.

We here at Fable casino cannot agree more with the strategy that the Gambling Commission has chosen. Gambling, especially its online sector, has always been controversial in terms of safety. It’s time to settle this issue once and for all by licensing honest operators with professional staff and being strict about businesses and players who don’t abide by the rules.

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