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Gibraltar Gambling Commissioner Cracks Down on Money Laundering

In a bid to combat the growing threat of money laundering in Gibraltar’s remote gambling industry, the Gibraltar Gambling Commissioner has issued a stern warning to operators: failure to adhere to strict anti-money laundering (AML) regulations will result in severe consequences.

Anti-Money Laundering Code of Practice

According to a newly released code of practice, Licence Holders are required to implement robust AML measures to prevent criminal activity, including the use of corporate cards or accounts to make deposits. The Commissioner emphasizes that simple spending of funds derived from criminal activities can amount to money laundering, and may even involve employees or management in a money laundering offence.

Effective Customer Due Diligence

The Commissioner has emphasized that Licence Holders must have effective Customer Due Diligence procedures in place, as well as adequate training for staff to identify suspicious activity. Failure to do so could result in serious consequences, including potential criminal liability.

Suspicious Activity Reports

Licence Holders are required to submit Suspicious Activity Reports (SARs) directly to the Gibraltar Financial Intelligence Unit (GFIU). The Commissioner has emphasized that these reports must be submitted promptly and without delay, and that Licence Holders must also notify the Commissioner separately of any third-party law enforcement or administrative investigations.

Board-Level Accountability

The Commissioner has stressed the importance of Board-level accountability for AML/CFT issues. Licence Holders are required to identify a board member with strategic responsibility for AML/CFT issues, and to ensure that this post-holder is not compromised by commercial responsibilities or conflicts of interest.

Annual AML/CFT Reports

The Commissioner has also emphasized the need for Annual AML/CFT reports to be submitted to the Board. These reports must include an annual “refresh” of the corporate Risk Assessment and an update on the work of the Risk Management Committee.

Gibraltar Gambling Commissioner’s Anti-Money Laundering Code of Practice

The Gibraltar Gambling Commissioner’s Anti-Money Laundering Code of Practice is a comprehensive guide to preventing money laundering in the remote gambling industry. It sets out clear expectations for Licence Holders, and emphasizes the importance of effective AML/CFT measures in preventing criminal activity.

Consequences of Non-Compliance

Failure to comply with these regulations could result in serious consequences, including potential criminal liability and reputational damage. The Commissioner has emphasized that all Licence Holders must take their AML/CFT obligations seriously, and that non-compliance will not be tolerated.

Download the Code of Practice

The Gibraltar Gambling Commissioner’s Anti-Money Laundering Code of Practice is available for download on the Commission’s website.