Failure to comply with AML standards has led to some hefty enforcement actions in the past, with the Commission charging Entain and William Hill record penalties of £17m and £19.2m for AML and social responsibility failures in 2022 and 2023.
John Pierce, the Commission’s Director of Enforcement, addressed stakeholders at the Gambling Anti-Money Laundering Group (GAMLG) Annual Conference yesterday, and took note of the emerging use of AI and algorithms used as AML controls and diligence by betting licences.
“We aren’t ideologically against the use of new technology in your processes,” he said.
“But you need to be sure they are doing what is required and the evidence we’ve seen so far is too often they simply aren’t delivering.
“So if your business is considering this type of approach, make sure it’s delivering compliance be..