The UK Gambling Commission (UKGC) has sent out a reminder to on-course bookmakers at the Cheltenham Festival about their licensing responsibilities.
Ahead of the annual horse racing event, the regulator urged license holders to remain vigilant when handling large volumes of cash and to ensure appropriate safeguards are in place to prevent criminal activity.
Under the Commission’s Licence Conditions and Codes of Practice (LCCP), gambling operators must maintain effective policies, procedures and controls to mitigate risks related to money laundering and terrorist financing.
Specifically, Licence Condition 12.1.1 requires operators to remain alert to attempts by customers to gamble funds obtained unlawfully, whether in an effort to “clean” criminal proceeds or simply to spend money derived from illegal activity.
