AML (Anti-Money Laundering)
A set of laws, regulations, and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate income.
Anti-Money Laundering (AML) regulations are a cornerstone of financial compliance for all UKGC-licensed operators. These procedures are designed to detect and report suspicious activity that could indicate money laundering or terrorist financing.
For players, AML checks become most visible during Source of Funds (SoF) requests, where the operator is legally required to ask for proof of the origin of a player’s money. This is not a tactic to inconvenience the player but a mandatory legal obligation to ensure the funds used for gambling are legitimate.
Formulas and examples
Regulatory Framework:<br>1. Player monitoring for unusual deposit/betting patterns.<br>2. Identity verification (KYC).<br>3. Source of funds checks (SoF).<br>4. Reporting suspicious activity to authorities.