sbc lines up expert panel for aml workshop at betting on...
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09/09/2016, 11:38SBC lines up expert panel for AML workshop at Betting on Sports
Page 1 of 2http://www.sbcnews.co.uk/features/2016/09/09/sbc-lines-expert-p…ta-protection-workshop-bos/?mc_cid=966bf10ccc&mc_eid=787817b1e5
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David Clifton, Clifton DaviesConsultancy.
SBC lines up expert panel for AML workshop at Betting on SportsPosted by: Luke Massey September 9, 2016in Betting on Sports, Europe, Featured News, Features, Latest News, SBC Events, UKComments Offon SBC lines up expert panel for AML workshop at Betting on Sports
With the 4th anti-money laundering (AML) directive likely tobring the betting industry within the regulated AML sector forthe first time, and forthcoming data protection changesrendering gambling operators liable for huge new financialpenalties for data protection breaches, SBC Events has broughttogether an expert panel to deliver timely guidance for chiefexecutives, heads of marketing, compliance teams and moneylaundering reporting officers.
Jenny Williams (former CEO of the Gambling Commission), Roy
Ramm (ExtraYard & formerly of New Scotland Yard), David
Clifton and Suzanne Davies (Clifton Davies Consultancy) will behosting a pacey and interactive ‘breakout’ workshop on day oneof the Betting on Sports (BOS) conference, between 09:30 and11:30 on Thursday 15 September.
This esteemed panel will be talking about the ‘perfect storm’, after AML and social responsibility breacheshave resulted in leading bookmakers having to disgorge profits of nearly £2 million already this year. Thisincludes Betfred having to pay more than £800,000 in compensation and a contribution towards sociallyresponsible causes, as part of a regulatory settlement with the Gambling Commission followingcommencement of a licence review.
Similarly, Gala Coral and Paddy Power had to pay out nearly £880,000 and over £300,000respectively after failing to meet their AML and social responsibility obligations. That is not all, becausethe Commission has warned it has the PMLs of senior executives in its sights if further AML failings occur.
With new LCCP licence conditions in force from 31 October imposing even greater AML responsibilities onall operators, we asked Clifton what all this might mean for the betting industry.
He commented: “With the Gambling Commission having power to levy unlimited fines, and the maximumpenalties for data protection breaches rising to 4% of annual turnover or €20 million, one has to askwhether operator’s pockets are deep enough to risk future breaches occurring?
“Many CEOs and Compliance Directors don’t seem to have grasped that they risk losing their PMLs fortheir company’s AML breaches. Another thing the industry doesn’t seem to appreciate fully is that bettingoperators can be held liable for breaches committed by their affiliates.
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09/09/2016, 11:38SBC lines up expert panel for AML workshop at Betting on Sports
Page 2 of 2http://www.sbcnews.co.uk/features/2016/09/09/sbc-lines-expert-p…ta-protection-workshop-bos/?mc_cid=966bf10ccc&mc_eid=787817b1e5
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“AML and data protection requirements are so easy to ignore, but it is so easy to get it right if operatorsstart planning now. They should really be asking themselves whether they can afford not to attendour ‘breakout’ workshop at Betting on Sports.”
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Click here to see the full conference agenda at Betting on Sports!
For more information about Betting on Sports, contact [email protected]
For sponsorship opportunities, contact [email protected]
To purchase your tickets, go to www.sbcevents.co.uk
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Tagged with: #BETTINGONSPORTS#BETTINGONSPORTS #SBCBOS#SBCBOS 4TH AML DIRECTIVE4TH AML DIRECTIVE BETFREDBETFRED BETTING ON SPORTSBETTING ON SPORTS
CLIFTON DAVIES CONSULTANCYCLIFTON DAVIES CONSULTANCY DAVID CLIFTONDAVID CLIFTON EXTRAYARDEXTRAYARD GALA CORALGALA CORAL GAMBLING COMMISIONGAMBLING COMMISION JENNY WILLIAMSJENNY WILLIAMS
NEW SCOTLAND YARDNEW SCOTLAND YARD PADDY POWERPADDY POWER ROY RAMMROY RAMM SBC EVENTSSBC EVENTS SUZANNE DAVIESSUZANNE DAVIES
UKGC – Betfred to pay
over £800,000 following
licence
International betting
community gathers in
London for…
David Clifton – Licensing
Expert – The General
Data…
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