The GB Gambling Commission has made licensees aware of an increase in suspicious activity reports submitted to the National Crime Agency (NCA). The UK’s current money laundering regulations came into effect in January 2020, and the increased suspicious activity reported to the NCA has prompted the Commission to call for stricter due diligence checks from operators. GC notes increase in suspicious activity reports during pandemic Topics: Legal & compliance Legal Regulation “Failure to do so may result in licensees committing a criminal offence.” Email Address AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter This includes monitoring transactions to customers in high-risk third countries such as Barbados, Cayman Islands, Cambodia and Senegal. Pakistan was recently added to the risk of high-risk countries by the UK government. These countries are considered to carry an increased threat of being used as a middle step in money laundering. Legal & compliance A statement from the bulletin read: “The NCA during COVID-19 pandemic has seen an increase in SAR submissions and it is vital that operators submit a SAR to the United Kingdom’s Financial Intelligence Unit (UKFIU) whenever there is knowledge or suspicion of money laundering or terrorist financing. The Commission notes that the threat of organised crime is increasing globally, meaning that operators should properly scrutinise the source of customer’s funds. Regions: Europe UK & Ireland Cryptoasset payments have also been flagged as high risk with regards to money laundering. Operators have been asked by the Commission to remain on alert, as the number of Bitcoin and crypto scams are expected to rise in the next few years according to the UK’s Crown Prosecution Service. 1st June 2021 | By Nosa Omoigui Tags: Gambling Commission Subscribe to the iGaming newsletter Coming in its latest emerging risks bulletin, the Commission noted that the NCA had recieved more suspicious activity report submissions during the Covid-19 pandemic.