Your Input Please UK Casinos Face Money Laundering probe.

dunover

Unofficial T&C's Editor
Staff member
webmeister
PABnonaccred
PABnononaccred
CAG
mm3
Yes, the UKGC have instructed their licensees to tighten up on their anti money laundering measures with 17 deemed to be underperforming.

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Buffalo Bill

Experienced Member
MM
I personally do not see the link between money laundering and problem gambling, sounds like another witch hunt to me.
 

Harry_BKK

Meister Member
CAG
mm1
I agree with the UKGC on this one - especially detecting problem gamblers.

In my heydays late 1990's and early 2000's I would often lose 5 - 10K in a day and nobody ever questioned me as to where those funds were coming from, nor was I ever asked for KYC documents. But then, back then we were online at phone line speed, uploading documents with 2 - 3MB would take ages. Although, I think nobody bothered at the time.
 

Harry_BKK

Meister Member
CAG
mm1
Yes i see that, i just dont understand how in the example of the accountant in the article that it is wholly the casinos fault.
Casinos should have red flags blaring if somebody often deposits and loses thousands and should do their due diligence to see whether the funds are from legitimate sources and the player can actually afford it.
 

dunover

Unofficial T&C's Editor
Staff member
webmeister
PABnonaccred
PABnononaccred
CAG
mm3
Casinos should have red flags blaring if somebody often deposits and loses thousands and should do their due diligence to see whether the funds are from legitimate sources and the player can actually afford it.
They already do this under UKGC conditions with the 'Statement Of Wealth' request.
 

nikantw

Ueber Meister
PABaccred
CAG
MM
Casinos should have red flags blaring if somebody often deposits and loses thousands and should do their due diligence to see whether the funds are from legitimate sources and the player can actually afford it.
I see a mandatory annual deposit limit of 5% of our annual income (as stated in our tax report) coming around the corner.
But is that something we want?
 

goatwack

Hold me closer tiny dancer
CAG
Sure, casinos can always try and do more to spot problem gamblers, but to lump it together with money-laundering is nonsensical. Typical to just bung it all together into one basket, easier that way. You'd think ML figures through online gambling are minute.

And who's to say some gamblers don't just like blowing off steam and spending big amounts? Perhaps they've earnt their money and their right to fritter loads away? So that automatically marks them as a problem gambler does it, whilst having to disclose their source of income? Casinos are going to close ranks over this and get evermore panicky, what a great step forward for the industry (not) :cool:
 

ed skull murphy

Trollish behavior - quit the forum
I see a mandatory annual deposit limit of 5% of our annual income (as stated in our tax report) coming around the corner.
But is that something we want?
In the UK, we are not obliged to make an income tax report, or even pay income tax, unless we run a commercial enterprise, as the country runs on local community taxation, 'council tax'.

In the case of online gambling, they may decide to make the 'Source of Wealth' request more legally binding and begin demanding solid evidence of the source of wealth, at the moment it is pretty much reliant on good faith.
 

Arch Stanton

Newbie member
If you read the full GC statement they state that they expect all online firms to run AML checks on every transaction of £2k or more, which is an EU directive apparently. But of course the online firms do not comply with this.

And AML does have a link with Responsible Gambling intervention. Anyone can open a new account with just about any on line firm and immediately start depositing thousands and it will not raise an intervention unless you happen to win and especially if you want to withdraw any of it. Then they miraculously do the checks as they should have if following the letter of the law.

Personally I've provided the GC with compelling evidence of failures in both RG intervention and AML. No doubt they added it to their ever growing pile of evidence from other complaints by online users.

But whilst the GC are talking tough again, it's actions that count and they often hide behind their lack of powers. Ladbroke Coral sought specific green lights from the GC when they merged Coral, Ladbrokes and Betdaq in order to avoid having to honour existing or future self exclusion terms for their customers between all 3 brands even though there exists a reciprocal SE policy between Ladbroke and Betdaq. They actively wanted to avoid any duty of care to existing SE customers and consequently seem happy to have a customer SE'd with say Ladbroke (and hence Betdaq) gamble freely on the Coral site. Utterly ridiculous and a clear indication that the big boys of online gambling do not want anything like an all in one SE register.

And the GC seem happy for them to stick two fingers up to it too (and them).
 

bebo67

Meister Member
PABnonaccred
MM
I agree with the UKGC on this one - especially detecting problem gamblers.

In my heydays late 1990's and early 2000's I would often lose 5 - 10K in a day and nobody ever questioned me as to where those funds were coming from, nor was I ever asked for KYC documents. But then, back then we were online at phone line speed, uploading documents with 2 - 3MB would take ages. Although, I think nobody bothered at the time.
I started in 2004? I had to fax all my stuff in. I like these uploads now. lol. Times a changing!
 

bebo67

Meister Member
PABnonaccred
MM
Casinos should have red flags blaring if somebody often deposits and loses thousands and should do their due diligence to see whether the funds are from legitimate sources and the player can actually afford it.
You forgot to add " if they withdrawl".
 
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