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Fiona Simmons January 4, 2024 2 min read
AGCC Raises Alderney’s Money Laundering and Terrorism Financing Risk Profile
The AGCC recognizes that a number of entities, including the European Commission, now have higher concerns about the vulnerabilities of the online gambling sector
Alderney, one of the Bailiwick of Guernsey’s three jurisdictions, is now exposed to higher risks of money laundering and terrorism financing. The Bailiwick of Guernsey, which is responsible for assessing risk across the British Crown dependency, explained that the risk of money laundering has increased from medium lower to medium.
The latest report is the first released in several years. The Alderney Gambling Control Commission (AGCC) which regulates gambling in the region justified its assessment with the new dangers outlined in the latest European Commission report and the overall shifting perception of the sector.
Alderney, for reference, is an offshore licensing jurisdiction that serves gambling companies seeking worldwide appeal. The region seeks to replicate the success of larger licensing jurisdictions, such as the Isle of Man and Curaçao. However, it currently has less than 50 issued licenses.
While some speculate that the ongoing reforms in Curaçao may channel operators to Alderney, the increased money laundering and terrorism financing risk is also something companies will likely keep in mind. Another caveat would be Alderney’s prohibition of crypto gambling.
In any case, Andrew Gellatly, the current executive director of the AGCC, is bullish on cementing Alderney as a major gambling hub.
The AGCC Acknowledges the Dangers
Gellatly addressed the new changes, explaining that his team had to increase the money laundering risk from medium lower to medium. He said that his team recognizes that a number of entities, including the European Commission, now have higher concerns about the vulnerabilities of the online gambling sector.
In an interview with Next.io, Gellatly also added that the commission has identified a number of challenges, such as smurfing.
They [the European Commission] have identified challenges such as smurfing, identity theft and pre-paid cards particularly. We know and confirm our licensees have effective measures in place to detect and prevent these, and their measures have led to prosecutions.Andrew Gellatly, executive director, AGCC
Gellatly added that his team has decided to raise the money laundering risk rating of the region in spite of the improvements within the payment verification methods and the reduction in fraud. This move is meant to highlight the AGCC’s vigilance.
In the meantime, the Bailiwick of Guernsey increased the risk level of terrorist financing in iGaming from much lower to lower.