As it has been informed in today’s news in the finance sector of the gambling industry, Great Britain’s Gambling Commission has published a set of guidelines explaining what operators have to do to remain compliant with the FATF requirements.
The guidelines are aimed at eliminating finance-related risks. The regulator emphasizes the importance of the instructions.
The risk-based approach is of high importance
According to the Financial Action Task Force (FATF), supervisors who are responsible for detecting financial risks have to take a risk-based approach and focus on more critical verticals with less attention paid to sectors with the lower risk level. In general, supervisors control all industries and their relation to the financing of terrorism and anti-money laundering. As gambling companies are legal entities, they also have to comply with the requirements and avoid situations connected with the above-mentioned breaches of the law.
The organization highlights the necessity for supervisors to work with the private sector, including gambling, with the help of the government. It will help them see the risks, which such businesses face. The instructions have three parts describing supervisors’ role and duties in detail. It includes risk assessment, addressing the major challenges, and states’ examples. This approach to supervising implemented by operators will help to prevent money laundering as well as other financial crimes.
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