Anjouan Gaming Tightens Licensing Rules After FATF Report

Anjouan Gaming is set to strengthen its gaming licensing requirements following the publication of a new report from the Financial Action Task Force (FATF) examining money laundering, terrorist financing and other financial crime risks across the gaming and gambling sector.

The licensing authority said the FATF findings had prompted it to reinforce the conditions applied to licensees, with greater emphasis on KYC procedures and ongoing due diligence.

In a LinkedIn update, Anjouan Gaming stated that the FATF’s newly published “Risks of Gaming and Gambling” report reinforces the standards expected from its licensees. The authority said robust KYC and continuous due diligence are fundamental requirements for the industry.

It added that, following the report’s findings, it had enhanced its licence conditions and strengthened application requirements to remain aligned with evolving global AML/CFT standards.

The FATF report examines illegal financing risks associated with gaming and gambling businesses and activities. Its coverage includes casinos, sports and novelty betting, mobile and online gaming, as well as illegal operators.

According to the report, the gaming and gambling industries have expanded through online development and cross-border operations, while also adopting multi-product and multi-payment platforms. As a result, the movement of value across these sectors involves a broad range of participants, including some that may operate outside the financial regulations of their respective countries.

The FATF also identifies illegal and unregulated offshore gambling as one of the sector’s most significant risks. In some countries, illegal gambling markets are reported to be comparable in size to, or larger than, their legal counterparts.

The report further highlights differences between national regulatory approaches, limited cooperation and missed opportunities for authorities and operators to exchange relevant information.

Anjouan Gaming said the continued development of online gaming across borders, payment methods and jurisdictions underlines the importance of taking these risks seriously.

The authority added that operators and licensing frameworks that address these issues seriously will be the ones that last.