Online Gambling Coming Of Age
Added: May 23, 2016
As in becoming a mature industry, as in taking the necessary steps to be part of the normal and expected business responsibilities inherent in ordinary business dealings. This latest news in the online casino world comes from the U.K. Actually, the UK Gambling Commission (UKGC).
What is new is that the UKGC has been working on a set of new rules and regulations for the licensed online casino operators in the country. These new rules are clearly aimed at thwarting any sort of crime associated with online gambling. As you have probably noticed over the past few years, the U.K. has been at the forefront of countries that have embraced online gambling and set up a process to regulate online casinos operating in the U.K.
For the record, these new rules from the UKGC are scheduled to be fully implemented next year. The rules make it clear that online gambling operators are now required to conduct an assessment concerning the risks of money laundering in their operations. Moreover the new rules mandate that online casino operators must now prove that they have effective policies and procedures in place to diminish the risks associated with anything related to money laundering.
There’s more. Once these rules are fully implemented the online casino operators themselves must promptly notify the UKGC of any criminal investigations involving either the operator or the online casino premises. Interestingly, the new rules also require any and all staff to be handed a detailed list of terms and conditions about the irregular wagering patterns.
Speaking out on this new set of rules, the Director of Regulation at the UKGC Nick Tofiluk had this to to say: “Britain’s gambling industry needs to focus on keeping crime out of gambling and these new requirements will help them do just that. These new requirements encourage licensees to take a proactive and tailored approach to meeting their obligations to achieve meaningful results rather than focusing on processes alone.”
So what does all of this mean for the online casino industry in other areas? As mentioned above, the U.K. is leading the field in legalized online casinos and online gambling in general. The fact that there are new rules in place to address money laundering is a clear sign that the online gambling industry is moving closer and closer to a mature and well established industry.