Alderney Regulator’s Key Role in Assessing Online Casino Risks in Guernsey

Guernsey’s online casino sector under scrutiny.

The Alderney Gambling Control Commission contributes to a critical assessment of money laundering risks.

Uncover the insights and implications of this comprehensive risk evaluation.

Read on to understand the AGCC’s impact on Guernsey’s gaming landscape.

AGCC’s Integral Role in Guernsey’s Risk Assessment

The Alderney Gambling Control Commission (AGCC) has significantly influenced the Bailiwick of Guernsey’s second National Risk Assessment (NRA).

Main Threat: Foreign Criminal Proceeds

The NRA identified foreign criminal proceeds as the jurisdiction’s primary threat for money laundering activities.

Domestic Criminality’s Role in Money Laundering

Alongside foreign risks, the NRA acknowledges domestic criminality, especially drug trafficking and fraud, as potential money laundering sources.

Online Casino Sector’s Risk Level

The assessment categorizes Guernsey’s online casino sector as having a medium risk level, with only a few sectors ranking higher.

AGCC’s Commitment to High Standards

AGCC Executive Director Andrew Gellatly highlighted the regulator’s participation as a testament to its dedication to maintaining high regulatory standards.

FIU’s Reports Highlight Gambling Sector’s Role

The Financial Intelligence Unit (FIU) reported that the majority of money laundering alerts in 2022 originated from the gambling industry.

SARs Predominantly from the Gambling Sector

A significant 88% of Suspicious Activity Reports (SARs) were related to the gambling sector, overshadowing reports from other financial institutions.

Decrease in Overall SARs

The total number of SARs decreased by 26% year-on-year, with 73% of them addressing money laundering concerns.

Conclusion: The AGCC’s Proactive Approach in Guernsey

The AGCC’s active involvement in the National Risk Assessment underscores its proactive approach to managing risks in Guernsey’s online casino sector. This participation ensures that the gambling industry remains vigilant against money laundering activities, contributing to a safer and more secure gaming environment.