In light of the licensing objectives set out in the Gambling Act, and the Commission’s continued drive to raise standards with respect to preventing financial crime, we are increasingly seeing the Commission placing greater accountability on the firm’s senior management to ensure appropriate systems and controls are in place. We have noted with interest the recent enforcement action by the Commission with four large betting and gambling providers, resulting in total fines of upwards of £2.5 million, and believe this may represent a ‘new normal’ for the industry.
A financial crime framework can consist of many areas and there is no one size fits all approach to a financial crime framework. Our latest brochure discusses how to ensure your financial crime framework is fit for purpose. Please download here.