UKGC SIGNS MoU WITH KSA & URGES OPERATORS TO REVIEW UPDATED FATF GUIDANCE

The UK Gambling Commission (UKGC) has signed a memorandum of understanding with the Kansspelautoriteit (KSA), and urged gambling operators to review the FATF’s updated AML guidance. 

Anglo-Dutch cooperation agreement

The Netherlands’ gambling regulator, Kansspelautoriteit (KSA), has signed a cooperation agreement with the UK Gambling Commission (UKGC). Both regulators will be collaborating in various ways, including information sharing and exchanging regulatory best practices on issues like enforcement and licensing. 

Commenting on the news KSA chairman, René Jansen, said: “Such a Memorandum of Understanding forms a good basis for sharing knowledge, collaboration and a smooth exchange of information. A clear signal is also given to providers of games of chance that cooperation is taking place at an international level. Online games of chance move across borders. That is why it is important for supervisors to work together.”

With the Netherlands’ regulated online gaming market is set to launch on 1 October 2021, the KSA has been busy forming partnerships with various European regulators, including France’s Autorité Nationale des Jeux (ANJ), the Belgium Gambling Commission (BGC), Sweden’s Gambling Inspectorate Spelinspektionen, and the Malta Gaming Authority (MGA).

Operators urged to review FATF AML guidance

Staying with European gambling regulators, the UKGC has also urged all operators to review the Financial Action Task Force’s (FATF) updated AML guidance. 

The FATF is the financial crime and anti-terrorist financing unit set up by the G7 countries in 2001, with the goal of fostering international cooperation to combat money laundering. 

Its updated guidance makes it clear that companies in high risk sectors, including gambling, financial services, accountancy, real-estate, and virtual asset trading, must develop a true ‘supervisory culture’ across their businesses. 

Specifically, it emphasises that all corporate supervisors must be fully trained and able to address the entire spectrum of AML risks associated with their industry, while cooperating effectively with regulators and stakeholders.