UK to introduce new money laundering laws from January 2020

UK Gambling Commission to introduce new money laundering laws in the country. The gambling regulator has said that its new money laundering laws, which will be in line with the 5th European Union Directive, will enter into force on January 10, 2020, casino reports.buzz.
The regulator said in a statement that the Commission recognizes and takes into account that it takes time to implement the changes, but expects operators to act quickly and implement all the necessary changes on time. In addition, the publication of the updated guidance on January 10 should result in casino organizers revising and amending their money laundering and terrorist financing risk assessments.
Among the most important changes to be made is regulation # 19, which requires gambling operators to ensure that they comply with all anti-money laundering regulations when launching new gaming products or during their current operations. The regulation also obliges both online and land-based casinos to have specific rules, procedures and controls for possible money laundering and terrorist financing.
According to the new rules, operators will have to carry out enhanced legal expertise, especially in relation to customers who are recipients of life insurance policies. And also in cases where the client was a third-country citizen and received British citizenship in exchange for the transfer of capital, buying property, government bonds or investments in legal companies in the UK.

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