UKGC Toughens AML Rules for Operators
The UK Gambling Commission (UKGC) has brought in new anti-money laundering (AML) and counter-terrorist financing (CTF) rules to increase accountability and protect consumers in the industry. The changes come into effect from 29 November 2024 and are a step in the right direction for modernising the regulatory framework.
Mandatory Licences for Key People
Under the new rules, certain roles within gambling companies will now require a Personal Management Licence (PML). This applies to senior people such as CEOs, managing directors, board chairs and AML/CTF heads. And a designated officer responsible for reporting will also need one. For smaller companies, the requirements are less onerous, applying only to employees handling compliance and AML/CTF.
The UKGC consulted in Summer 2023 to align AML/CTF policies with changing risks, increase transparency and accountability for senior managers and decision makers. Operators will need to ensure their staff are trained to meet these new requirements. While there will be short term operational costs, these changes will pay dividends in the long run.
More Changes to Come
The AML changes are part of a wider package of changes due to be introduced by 25 February 2025. These include “light-touch” financial vulnerability assessments for players above certain thresholds and better consumer controls on marketing comms.
The most contentious proposal is the statutory levy which would require operators to put 1% of their gross gaming revenue (GGR) towards research, education and treatment (RET) programmes. If implemented this would generate an estimated £109m a year based on the industry’s reported GGR of £10.9bn.
