After the publication of the Financial Action Task Force (FATF) report, Anjouan Gaming announces it’ll tighten the rules for gaming licensing requirements.
The report by included FATF money laundering, terrorist financing and other financial crime risks in the sector.
The authority stated in a LinkedIn update:
FATF’s newly published “Risks of Gaming and Gambling” report reinforces the standards we hold licensees to: robust KYC and ongoing due diligence aren’t optional in this industry, they’re the baseline. In light of the report’s findings, we’ve enhanced our licence conditions and strengthened our application requirements to stay aligned with evolving global AML/CFT standards.
A report issued by the FATF, which comes out this month, looks at the risks of illegal financing related to gaming and gambling businesses and activities, including casinos, sports and novelty betting activities, mobile and online gaming, along with illegal operators.
According to it, the gaming and gambling sectors have advanced online and developed through cross-border activities and multi-products and multi-payments platforms. It means that the whole value transfer world of these sectors includes a wide circle of participants, some of which can evade financial regulations of their countries.
The FATF report describes illegal and unregulated offshore gambling as one of the most serious risks due to the fact that in some countries illegal gambling markets represent the same or even greater scale than legal markets.
At the same time differences in regulatory approaches within countries, lack of cooperation, as well as missed opportunities to share necessary information between authorities and operators have also been recognized.
Anjouan Gaming added:
As online gaming continues to evolve across borders, payment methods, and jurisdictions, the operators and licensing frameworks that take this seriously will be the ones that last.