Gambling Commission announces new money laundering reporting requirements
In order to avoid committing offences under the Proceeds of Crime Act 2002 (POCA), operators should report instances of known or suspected money laundering or terrorist financing by customers to the National Crime Agency (the NCA), such a report is known as a Suspicious Activity Report (SAR).
The Gambling Commission will in future consider submission of a SAR to the NCA as a key event of which it must be notified under Licence Condition 15.2. As with all key events notification must be made within 5 working days. Each SAR counts as a key event and therefore requires a separate report to the Gambling Commission.
You must also tell the Commission whether the customer relationship has been discontinued at the time of the submission of the report.
The new requirement to submit a separate report to the Commission comes into effect on 4 April 2018.
More information is available from the Gambling Commission.