New AML/CTF law in Ukraine increases inspections on gambling operators
A new anti-money laundering and counter terrorist financing law in Ukraine will increase both planned and unplanned inspections on gambling operators
Ukraine's newly enacted anti-money laundering and counter terrorist financing (AML/CTF) law is set to intensify inspections on gambling operators.
The law outlines four main reasons for conducting inspections, including clarifying the nature of operations, identifying financial risks, assessing risk management systems, and ensuring compliance with Ukrainian legislation.
The country's gambling regulator, KRAIL, will establish the schedule for planned inspections, while unplanned inspections can occur under certain conditions, such as signs of legislation violation or suspicion of forged documents.
The move follows increased scrutiny of the gambling industry after the Russian invasion in February 2022.
Sanctions have been imposed on certain operators believed to be offering services in Russia or Russian-occupied Ukrainian territory.