Enhanced Inspections for Gambling Firms Operating in Ukraine

Enhanced Inspections for Gambling Firms Operating in Ukraine

Enhanced Inspections for Gambling Firms Operating in Ukraine

Operators in the nation will see more inspections as a result of the new law in Ukraine establishing processes for companies susceptible to anti-money laundering and counter terrorism financing (AML/CTF) risk.

The new law specifies the conditions under which a gambling operator in Ukraine can be subject to an organised or unorganised examination of their facilities.

There are basically four main reasons why the government of the Eastern European nation could choose to audit a gaming operation. 

To describe in detail how a gaming operator does business

Recognising financial risks

To evaluate the risk management system's current status for an operator

To verify that the operator complies with Ukrainian law.

The frequency of the inspections must be determined by the operator's level of exposure to AML/CTF risks, according to the regulations.

The country's gambling authority, KRAIL, will give its approval to the scheduled inspection timetable. A minimum of 10 working days before to the quarter in which the inspections are scheduled, the schedule must be made public.

The law specifies the circumstances in which KRAIL may elect to conduct an impromptu examination of an operator's offices and property.

If an operator exhibits indications of failing to comply with the law as it now stands, the regulator may conduct an examination. The regulator may also carry out this action in order to comply with a court order.

In addition, KRAIL reserves the right to check an operator without prior notice if it discovers new documents after the scheduled inspection.

Legally, an unscheduled inspection may also take place if an operator fails to deliver papers within the required timeframe or gives a documented justification for why it did not.

Another circumstance where an unforeseen inspection could take place is if KRAIL suspects that a gaming establishment has falsified documentation.