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The Onus is on the Online Casinos Companies

New regulations in the UK that were put in place last month put the onus of developing money laundering systems directly on the shoulders of the online gambling sites. The UK’s previous Money Laundering Regulations were put in place in 2003, but with the UK Gambling Commission firmly in place, the Commission has announced that the online casinos operating in the UK must comply with the new money laundering regulations and the Proceeds of Crimes Act. And the online casinos can expect that the new regulations put the brunt of the work firmly with the internet gambling sites.

The online casinos companies are given the policies that must be in place, but it is up to the individual internet gambling companies to develop the specific systems and policies that will prevent money laundering and criminal activity. The new regulations also apply to the land-based casinos, not just the online gambling sites.

A tricky part about the regulations center on the fact that they land-based and online casinos are forced to decide just what the Gambling Commission would agree is appropriate. Just like the “socially responsible” wording of other gambling related regulations, these regulations put the online casinos at a disadvantage because they are forced to interpret regulation stipulations like the one that says that the gambling operators must “develop systems and controls that are appropriate for their businesses.”

Much of the new regulations are just as vague and probably wise on the part of the Gambling Commission, because it means that online casinos and land-based gambling companies cannot just apply the minimum standards and get away with it. Instead, the companies are forced to really asses what is needed to appropriately address the regulations outlined in the Money Laundering Regulations and the Proceeds of Crime Act.