Resources & Insights

In December 2020, the UK Government published High Stakes - Gambling Reform for the Digital Age – a consultation document that looks at how the rise of online gambling has changed the industry and calls for a new regulatory framework that is fit for the digital age. The proposals include the introduction of new affordability checks for online gambling, a ban on credit card use for gambling purposes, and the creation of a new gambling ombudsman, if approved will lead to significant changes for the UK gambling industry. In this Whitepaper, we will look at how these changes will impact gambling businesses in the UK, and what these businesses will need to do to improve their current systems and processes in order to meet these proposed new regulations.

Money laundering seeks to legitimise the proceeds of some of the world’s worst criminals – people traffickers, drug dealers, fraudsters and corrupt officials. Their victims are often the most vulnerable in society. Electronic Verification Uncovered 2022 is the second whitepaper in a continuing campaign by SmartSearch, a leading UK provider of anti-money laundering (AML) software which is driving the digital compliance revolution.

Perpetual Know Your Customer (pKYC) is the ongoing process by which businesses continuously update customer information as a part of their risk management strategy and is a step on from a standard Know Your Customer (KYC) process.

Almost half (47 per cent) of regulated firms are failing to carry out crucial “ghost-buster” checks on new business clients, newly released data shows. “Ghost” firms are false entities created as part of a corporate infrastructure to hide the connection of a criminal beneficiary. They are often used by sophisticated criminals to obscure the real recipients of money laundering activity.