U.K. VIP business struggles on stringent AML

The UK’s gambling regulator has turned up the heat on casinos where money laundering is concerned, requiring rigorous background checks on wealthy international clients, including those from Mainland China, which is having an a detrimental effect on VIP business. Mainland Chinese high rollers’ insatiable appetite for action means these gamblers continue to be coveted by casinos the world over. This includes London, where the capital’s most select casinos compete to attract their business. Yet casinos across the UK are treading much more carefully these days when it comes to high-stakes players after a number of heavy fines and settlements with the UK regulator, the Gambling Commission (GC), over shortcomings in anti-money laundering procedures. A noticeably higher degree of scrutiny over AML, and regulations being more strictly enforced, means casinos that cater to international VIPs, including those from Asia and Mainland China, can’t afford to pay lip service to AML and...

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