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First Step Toward Global Standards

The UK has taken the needed first step toward developing money laundering guidelines that address the need to protect players and countries from terrorist financing through the online casinos and internet gambling industries. Over the past several years the UK has put regulations in place that force the online casinos to develop policies that prevent money laundering, but last month’s regulations go one step further and provide a basis for what the UK hopes are internationally recognized regulations that prevent both money laundering and terrorist financing.

The UK’s new Money Laundering Regulations took effect on December 15, 2007, and outline an in depth system that the companies must have in place as a way to address and prevent money laundering and criminal activity. Because the internet is so very invasive, and can easily transfer money internationally, the online casinos industry is increasingly looking to put policies and systems in place that would identify and stop the criminal activity.

The UK’s regulations now not only require that the land and online casinos have sufficient systems in place, but also require that the companies have a designated position/employee that is the point person for managing and developing the money laundering systems and policies at the individual land and online gambling sites. The regulations even require that every staff member of the gambling companies understand the intricacies money laundering system.

As internet gambling expands into new markets like Asia and South Africa, Europe is increasingly looking for ways to enact globally recognized money laundering standards and policies. Terrorism is globally recognized issue, and as the online casinos gambling industry becomes more advanced, countries are constantly looking for new ways to end financing terrorism through money laundering at the gambling sites.