UKGC Criticises Overdependence on AML Measures
HighlightsÂ
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The UK Gambling Commission has raised its concerns over flaws in operator practices using AML thresholds.Â
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The Commission also highlighted pain points that iGaming operators fail to notice due solely to relying on AML measures.
The Great Britain Gambling Commission has voiced concerns over operators relying heavily on Anti-Money Laundering(AML) and counter-terrorist financing (CTF).Â
An industry bulletin published on 3rd October sheds light on the scope for improvement over licensed operators’ practices. All operators have protocols to protect the iGaming platform from money laundering or terrorist activities.
But over-reliance on these financial thresholds, especially when some financial thresholds are inappropriately set at a high level. The other potential issues revolved around the inability to spot fraudulent documents, poor record-keeping, and a lack of expertise in effectively using AI algorithms.
All these shortcomings have led to inefficiencies in ongoing risk-based monitoring. These limitations can prevent operators from swiftly taking action or cause indecisiveness in handling the arising threat or concern regarding their gambling solutions.
For more information, Refer Here!
An industry bulletin published on 3rd October sheds light on the scope for improvement over licensed operators’ practices. All operators have protocols to protect the iGaming platform from money laundering or terrorist activities.
But over-reliance on these financial thresholds, especially when some financial thresholds are inappropriately set at a high level. The other potential issues revolved around the inability to spot fraudulent documents, poor record-keeping, and a lack of expertise in effectively using AI algorithms.
All these shortcomings have led to inefficiencies in ongoing risk-based monitoring. These limitations can prevent operators from swiftly taking action or cause indecisiveness in handling the arising threat or concern regarding their gambling solutions.
For more information, Refer Here!
