UKGC Goes Proactive This MonthPublished October 26, 2016 by Lee R
Increased accountability is the bellwether for licensees and domestic brands.
In gambling-friendly UK, the regulatory body is not letting complacence set in.
Updating Practice Codes
The UK Gambling Commission (UKGC) is set this month to make a number of amendments to its licence conditions and codes of practice (LCCP) to combat gambling-related crime at the most preventative level ever.
The new changes coming into effect October 31st will rigorously review licensees according to new mandatory reporting practices for licensees involved in criminal investigations.
This would render licensees more culpable for internally protecting against online crime while continuing to enjoy the ample benefits of operating in the thriving British market.
Against Terrorism and Laundering
Another adaptive measure is the consolidated anti-money laundering requirement, holding licensees as well as domestic gaming brands operating in foreign jurisdictions responsible for assessment and management against money laundering and terrorist financing.
Cash and Ads
Effective policies and procedures will also be required of licensees for handling cash and cash equivalents, and ensuring against advertisements appearing on sites that provide unauthorised access to copyrighted content.
Important Retained Clauses
The UKGC also re-committed to the existing clause calling for licensees to require employees to report irregular or suspicious betting patterns; prohibit employees from placing bets using information relating to these patterns; and include in their customer terms and conditions customer prohibitions breaching legal and ethical requirements of any relevant sport governing body “or other rules.”
Payment Risk Reduction
The commission further updated licensed operators on the full range of adequate steps needed to mitigate risks related to payment methods and digital currencies.
Explaining the culture governing the emendations on its website, the UKGC explained: “We think that the most effective regulatory approach is to focus on the outcomes we expect operators to achieve.”
In a world where the benefits of effective regulation are squarely on the table for all countries, the transparency of intent by the regulator of the top iGaming market in the world provides valuable guidance to all nations.