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How Curacao new AML requirements differ from other flexible license jurisdictions

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By: Dmitry Hotsyn, Senior Consultant and Head of CIS Desk at 4H Agency

Discussing Anti-Money Laundering (AML) rules in a way that keeps everyone awake is a real challenge. The iGaming industry often overlooks anything filled with jargon like KYC, AML, CDD, and SoWs—terms that just breed myths and misconceptions about jurisdictions supposedly having lax AML standards and low compliance burdens. For a while, Curacao was viewed as one of these almost mythical places.

Not anymore.

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A significant shake-up has occurred with Curacao’s latest overhaul of its AML regulations, set to take effect on September 1, 2024. This update has triggered quite a bit of debate among gambling operators who view these new rules as unwelcoming, especially since Curacao is known for its sluggish pace in updating its gambling regulations.

But may it really be as bad as Curaçao’s deadline management?

Curacao’s AML Regulatory Changes: An Overview

Curacao is continuously revamping its regulatory frameworks, taking a page from Malta’s book — Maltifying the industry may work best to describe this process. The new AML rules, while perceived as burdensome, are in fact a balanced update alligning the Curacao practices with generally acceptable standards. Key aspects of the new regulations include:

  • Clear Customer Due Diligence (CDD) thresholds: Operators must conduct CDD at the earliest practical time, but no later than when a player engages in a transaction amounting to approximately EUR 2200;
  • Sanction and Politically Exposed Persons (PEP) Screening: Mandatory for at least EU, US and UN sanctions lists;
  • High-Risk Indicators: A detailed list of indicators for high-risk cases has been provided, noting that the use of cryptocurrencies increases risk, though it is not outright prohibited;
  • AML Officer Role: Each operator shall have a dedicated AML officer, equipped with sufficient resources and headcount to manage risks effectively;
  • Policies and Guides: Ah year, more internal docs, rules and practice guides are expected from the operators holding licences in Curacao.

Despite the extensive nature of Curacao’s new rules, in essence, they closely resemble those enforced in Malta and other EU countries, as well as competing jurisdictions offering flexible licenses. The upcoming webinar hosted by 4H Agency and Hipther Agency will delve into these comparisons, focusing on jurisdictions like Anjouan, Kanawake, and Tobique, alongside Curacao.

Key Insights on AML Across Jurisdictions

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  • Detailed AML Frameworks: Curacao and Tobique lead with the most comprehensive AML regulations. Kanawake’s requirements are also robust albeit not as detailes as Curacao rules;
  • CDD Thresholds: Similar financial thresholds exist across these jurisdictions (approximately EUR 2000), with varied stipulations on the timing of CDD post-player registration (again, Curacao is not the leader here);
  • Outsourcing AML Functions: All jurisdictions permit outsourcing some AML activities to third-party providers, providing flexibility in compliance strategies;
  • Stringency of Regulations: Tobique’s regulations are notably stringent, casually requiring additional checks like adverse media searches to identify higher risk profiles;
  • Anjouan the Outlier: Anjouan stands out for its outdated AML framework, lacking specific provisions for the gambling sector. For now, this could attract operators seeking more AML-friendly environments. However, Anjouan will inevitably follow the Curacao’s reformatory steps if the country intends to make iGaming an important factor of the now-struggling economy.

The evolution of AML regulations in Curacao represents a predictable shift towards more robust regulatory environment, aligning more closely with global standards. While initially perceived as onerous, these changes are in line not only with international practices, but with the rules already in force in a competing jurisdaction.

Our upcoming webinar will further explore these developments, providing attendees with comprehensive insights into flexible licensing options in 2024.

The post How Curacao new AML requirements differ from other flexible license jurisdictions appeared first on European Gaming Industry News.

Belgium’s E Category License

Digitain Expands into Belgium with Regulatory License Approval

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Digitain strengthens its regulated presence in Europe by obtaining Belgium’s E Category License.

Digitain, the leading iGaming solutions provider, has announced that it has been officially licensed to operate in Belgium, marking a significant milestone in the company’s ongoing European expansion. This achievement highlights Digitain’s commitment to compliance, innovation, and delivering trusted solutions to its global partners.

Belgium is a highly regulated jurisdiction with strict standards to ensure fair play and responsible gaming. Securing this license further strengthens Digitain’s reputation as a reliable and compliant technology provider, enabling it to offer its award-winning solutions fully aligned with local regulations.

Digitain remains committed to expanding its regulated market presence, fostering partner success, and upholding the highest standards of compliance and data protection.

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Compliance Updates

Spelinspektionen Develops New Risk Assessment for Money Laundering in the Swedish Gambling Market

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Spelinspektionen, the Swedish Gambling Authority, has developed a new risk assessment for money laundering in the Swedish gambling market.

In this risk assessment, which replaces previous assessments, the various approaches that enable licensees to be exploited for money laundering, referred to as threats, have been updated to better reflect the current situation. The vulnerabilities of the gaming forms, i.e. circumstances that are assessed to be able to affect the possibility of a threat occurring, have also been revised.

The method for assessing risk has also been revised to harmonise the Swedish Gambling Authority’s risk assessment with the national risk assessment produced by the Coordination Function for Measures Against Money Laundering and Terrorist Financing and the supranational risk assessment published by the European Commission.

The Swedish Gambling Authority has previously assessed that there is a low risk of land-based commercial casino gaming being used for money laundering. The authority’s regulations have therefore exempted the gaming form from the application of the money laundering regulations and a number of provisions in the Gambling Act. In the Swedish Gambling Authority’s new revised risk assessment, the risk of the gaming form being used for money laundering is no longer assessed as low. As a result, the Swedish Gambling Authority has initiated regulatory work to review the exemptions from the requirement to apply the money laundering regulations and register players and agents. Interested parties will have the opportunity to submit comments on the regulatory changes in a forthcoming consultation.

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Australia

NICC extends The Star manager’s term for six months

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The NSW Government has amended the Casino Control Regulation to extend the term of The Star’s manager Nick Weeks, who will continue to have oversight of casino operations until at least 31 March 2026.

The government extended Mr Weeks’ term at the request of the NSW Independent Casino Commission (NICC) after the NICC declined to lift the suspension of The Star’s licence.

Mr Weeks will continue to hold the licence for The Star over the next six-month period, allowing the casino to operate gaming facilities while its licence remains suspended.

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The NICC first appointed Mr Weeks to the role of manager in October 2022, when The Star’s casino licence was suspended following the first Bell Review.

NICC Chief Commissioner Philip Crawford said there was still too much uncertainty surrounding The Star to consider reinstating its casino licence at this time.

“The NICC considers it appropriate to continue with the current arrangement so it can better assess the effectiveness of important remediation work and await the outcomes of other pressing financial matters concerning The Star,” Mr Crawford said.

“The NICC understands the many challenges The Star is facing and is closely monitoring The Star’s progress as it works to prove it is capable of regaining its casino licence.”

The post NICC extends The Star manager’s term for six months appeared first on European Gaming Industry News.

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