Gambling operators have received increased scrutiny in recent years, as a result of the recognised money laundering risks associated with the sector. Casinos being cash intensive businesses present the opportunity of being used to move illicit funds and provide a credible explanation for source of wealth.

Enforcement actions against leading operators (including Ceasers Entertainment, Rank Group and California Oaks Card Club) indicate that regulators are prioritising the need for adequate and effective anti-money laundering controls. More recently, the 4MLD requires that all gambling services providers will be required to apply Customer Due Diligence measures for single transactions amounting to €2,000 or more. In addition, the increased use of virtual currencies for gambling purposes (e.g. Bitcoins) poses a new challenge for regulators to monitor.

So, now is a good time for gambling operators to understand the money laundering risks you face, utilise the guidance of the relevant gambling commissions, and ensure you  have strong and robust AML controls in place.

How we can help

Bovill can help operators satisfy regulatory requirements by:

  • Undertaking an assessment of the AML risks
  • Assessing AML systems and controls
  • Designing and implementing new AML policies, procedures and governance frameworks
  • Reviewing transaction monitoring processes and systems
  • Designing and delivering AML training
  • Advising on appropriate MI for senior management and
  • Preparing for supervisory visits.

We are experienced in providing this assistance to a variety of regulated firms. We understand what the regulators require, and we are focused on helping firms satisfy this.

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