The Gambling Commission recently published the 3rd revision of the Fifth edition of the Prevention of money laundering and combating the financing of terrorism guidance. This follows updates to the Money Laundering regulations 2017.

As such, Casino Operators are required to review the latest revision of the guidance and to ensure that these changes are incorporated in their risk assessments, policies procedures and controls, their processes and in their training. Other business’s caught by MLR2017 will also need to update their AML framework accordingly.

Proliferation financing refers to the financial activities that support the proliferation of weapons of mass destruction (WMD), their delivery systems, or related materials. It involves providing funds or financial services that enable individuals, groups, or countries to acquire, develop, produce, or trade in WMD or associated technologies. Proliferation financing is a significant concern for the international community because it facilitates the spread of WMD, which poses a severe threat to global security and stability. WMD includes nuclear, chemical, and biological weapons, as well as their means of delivery.

From 1 April 2023, casino firms must carry out proliferation financing risk assessments – either as part of the existing practice-wide risk assessment or as a standalone document. AML/CFT policies will effectively now be AML/CFT/PF

Casino operators can see a full summary here: See HERE

All relevant business’s should also familiarise themselves with the updates See HERE