RGA prepares members for new AML rules

RGA prepares members for new AML rules

Monday, November 30, 2015 Totally Gaming
Clive Hawkswood was keen to update his organisation's advice

Online gaming companies can prepare themselves for the effects of the European Union’s Fourth Anti-Money Laundering (AML) Directive through a new publication from the Remote Gambling Association (RGA)

The second edition of the ‘Anti-money laundering: Good practice guidelines for the online gambling industry’ document seeks to advise ahead of the introduction of the AML directive in 2016/17, when remote gambling will be covered by the same rules as the land-based sector for the first time.

The RGA said that the guidelines are designed to help licensed online gambling companies combat the threat of money laundering and terrorist financing in a consistent and effective manner. It covers areas such as the application of a risk-based approach, due diligence processes and internal controls.

Clive Hawkswood, the RGA’s chief executive, said the document was produced prepare companies for forthcoming changes.

“Our first edition of these guidelines was well received and, more importantly, provided a useful tool for companies in the online gambling industry,” said Hawkswood.

“In this edition we have, among other things, sought to anticipate some of the changes that will flow from implementation of the EU’s Fourth AML Directive. 

“We will keep the guidelines under review so that they continue to reflect any new developments.”

An RGA-commissioned report prepared by MHA Consulting in 2009 concluded that a combination of statutory and self-imposed regulation had effectively reduced the risk of money laundering through online gambling and that there were almost no examples of money laundering in licensed jurisdictions.

The RGA added that it hopes its document can also be of use to companies operating outside the EU.

It said: “Although many of these guidelines are specific to countries in the EU and the regulatory and legislative structures within EU member states, the principles and many of the suggestions for good practice will have a wider geographical application.”



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