Answer to compliance woes 

outsourced compliance management



Remote MLRO & compliance services

The first version of this document was 08-Jan-2017. The Jan-2018 statements from the Great Britain Gambling Commission demonstrate that gambling compliance still needs attention among licensees. Governance Associates continues to provide these services at a fraction of the cost.

Gambling businesses are classified as Designated Non-Financial Reporting Businesses (DNFRBs) by the Financial Actions Task Force (FATF). Consequently, most jurisdictions including for example Great Britain, Alderney, and the Isle of Man require remote gambling businesses to comply with Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) laws. In turn these laws mandate an AML/CFT programme and the appointment of a Money Laundering Reporting Officer (MLRO) or equivalent.

Many gambling licensees, particularly start-ups and those from lesser regulated jurisdictions, may not have a compliant AML/CFT program or suitable person to fulfil the MLRO role in a regulated jurisdiction. Suitable MLRO & compliance staff can be an expensive commitment.

This implies that many gambling operators are at risk of being non-compliant with AML/CFT laws and potentially face large fines, or worse, in some instances. Excessive cost of compliance could jeopardise profit & loss

Gambling business, particularly start-ups, and those migrating from lesser regulated jurisdictions, need cost-effective and compliant AML/CFT programmes including an MLRO.

Solution

Out-source MLRO and other compliance related activities to experts in the field - Governance Associates Ltd.

* globally recognised AML/CFT experts (CAMS & approved external auditors);

* globally recognised experts in remote gambling regulation and compliance (decades recognised expertise);

* remote services at a fraction of the cost of in-house employees; and

* no risk contracts.