UK Gambling Commission Focuses Even More on Money Laundering PreventionPublished October 22, 2015 by Vlad G
The axe is coming down on money laundering in online gambling as the Gambling Commission overhauls the 2005 Gambling Act.
The UK Gambling Commission has announced that it is planning a complete overhaul of the available licensing laws in order to come down harder on money laundering within the industry. Operators with licenses granted in the market will have the opportunity to present their own experience with major issues and customers will also get the chance to share their thoughts on the matter.
10-year anniversary with new changes
The 2005 Gambling Act has proved to be very useful for the industry in the United Kingdom but with a decade of history now on record, the Gambling Commission believes it is time to change some of the laws in order to better fit in the current landscape. Several proposed changes for the regulation will be mulled over with the focus on eliminating money laundering, further distancing the gambling industry from activities of criminal nature.
The consultation invites operators and players alike to say what they think of the current regulations and propose changes by downloading the form from the official website of the UK Gambling Commission.
Operators are asked to assess the risk of money laundering being done on their online products and share some ideas on how to better prevent this from happening. Some of the most popular brands in the industry bring a lot of experience to the table and can help make online gambling safer and more legitimate throughout the market and beyond it. Operators like Slots Magic Casino, Tivoli Casino and bet365 have a great reputation and reliable services.
Better laws for better technology
The advances in technology have changed the industry over the years and the way players can interact with their favorite gambling options. It only makes sense that the laws would change in order to better outline the products, as well as the new consumer preferences and challenges regarding crime.
Everyone is welcomed to express themselves on the critical questions brought forward by the Gambling Commission.