Connect with us

Compliance Updates

How Curacao new AML requirements differ from other flexible license jurisdictions

Published

on

how-curacao-new-aml-requirements-differ-from-other-flexible-license-jurisdictions
Reading Time: 2 minutes

 

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.

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

  • 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.

Compliance Updates

KSA Issues Warning to 711 BV

Published

on

ksa-issues-warning-to-711-bv

Reading Time: < 1 minute

 

The Netherlands Gambling Authority (KSA) has issued a warning to 711 BV, an online gambling provider, for using an influencer to advertise online gambling. This violates the ban on using role models to advertise online gambling. The purpose of these rules is to protect vulnerable groups, such as young people and at-risk and problem gamblers, from gambling advertising.

Role model ban

Online gambling providers are prohibited from using role models, such as professional athletes, actors, models and influencers. The Royal Netherlands Gambling Authority (KSA) has informed 711 that all expressions in which the influencer promotes the gambling provider must be removed. This means, among other things, that the expressions may no longer be seen in the videos. 711 has confirmed that the collaboration has ended and has initiated the removal of the content in question.

The KSA emphasized that gambling providers must be careful about who they use for promotion.

In addition, the KSA addressed 711 about offering tournaments in which players were automatically entered, without having to register or agree to the bonus terms. This can lead to inappropriate gaming behaviour. 711 has confirmed that it has stopped this practice.

The post KSA Issues Warning to 711 BV appeared first on European Gaming Industry News.

Continue Reading

Compliance Updates

eGaming Integrity Celebrates Two Years of Independent Compliance and Audit Expertise

Published

on

egaming-integrity-celebrates-two-years-of-independent-compliance-and-audit-expertise

Reading Time: < 1 minute

eGaming Integrity Ltd marks its two-year anniversary, celebrating a period of growth, trust, and continued delivery of independent regulatory, compliance, and audit expertise to eGaming operators, suppliers, and Corporate Service Providers.

Founded by former regulators and senior compliance leaders, eGaming Integrity was established with a clear mission: to help protect licences and reputations through practical, regulator-ready assurance. Two years on, the firm continues to provide objective, expert support designed to strengthen governance and reduce regulatory risk.

A Trusted Partner for Assurance

In just 24 months, eGaming Integrity has become a trusted partner for organisations seeking confidence in their control environments. The team delivers:

  • mock regulatory audits and inspection readiness;
  • independent internal audit programmes;
  • targeted remediation and advisory support.

Emma Shilling, Director, highlighted the firm’s commitment to meaningful, independent assurance: “Reaching our second anniversary is a proud moment. From day one, our focus has been to provide independent assurance that adds real value. We help embed governance and compliance into everyday operations to protect licences and reputations for the long term.”

Robert Penfold, Head of Internal Audit, highlighted the importance of objective insight in strengthening client operations: “Over the past two years, eGI has shown how truly independent audit and compliance support can reduce risk and give boards confidence that controls are working as they should. Our role is to provide clear, workable solutions that prepare businesses for scrutiny and support their ongoing success.”

Looking Forward

As it enters its third year, eGaming Integrity remains committed to delivering expert,

impartial, and commercially practical assurance. Whether preparing businesses for regulatory engagement, providing independent internal audit services, or supporting targeted remediation, the firm’s goal remains simple: to be the trusted partner that helps protect licenses and reputations.

The post eGaming Integrity Celebrates Two Years of Independent Compliance and Audit Expertise appeared first on European Gaming Industry News.

Continue Reading

Compliance Updates

Regulators Call for Stronger Measures Against Illegal Online Gambling

Published

on

regulators-call-for-stronger-measures-against-illegal-online-gambling

Reading Time: < 1 minute

Regulators of Austria, France, Germany, Great Britain, Italy, Portugal and Spain issued a joint institutional statement.

The fight against illegal online gambling is one of the paramount tasks facing regulated jurisdictions. Its borderless nature and the speed of technological innovation make it easier for illegal operators to evade regulatory oversight. This creates significant risks for consumer and public health protection, endanger public order and harms the activity of legitimate operators. In short, illegal online gambling undermines the entire regulatory framework designed to protect the public interest.

The statement reads: “We express our common concern regarding the increasing proliferation of advertising targeting our jurisdictions by unauthorised operators, particularly through digital channels such as social media, video platforms, and affiliate networks. These activities not only violate our national laws but also expose citizens — including minors and vulnerable individuals — to significant risks associated with illegal gambling.

“We wish to express our strong commitment to consumer protection, market integrity, and compliance with national and international regulations within the respective legal framework by:

• sharing information on illegal operators among us

• calling on digital platforms and social media networks to strengthen their control mechanisms to prevent the dissemination of advertising content from unauthorised operators

• reaffirming our commitment to share knowledge and better practices in identifying, investigating, and sanctioning operators acting outside the law.

This statement marks a renewed and united commitment by our jurisdictions to strengthen the integrity of the regulated gambling sector and to protect citizens from the risks posed by illegal gambling activities.”

The post Regulators Call for Stronger Measures Against Illegal Online Gambling appeared first on European Gaming Industry News.

Continue Reading

Trending

Get it on Google Play

Fresh slot games releases by the top brands of the industry. We provide you with the latest news straight from the entertainment industries.

The platform also hosts industry-relevant webinars, and provides detailed reports, making it a one-stop resource for anyone seeking information about operators, suppliers, regulators, and professional services in the European gaming market. The portal's primary goal is to keep its extensive reader base updated on the latest happenings, trends, and developments within the gaming and gambling sector, with an emphasis on the European market while also covering pertinent global news. It's an indispensable resource for gaming professionals, operators, and enthusiasts alike.

Contact us: [email protected]

Editorial / PR Submissions: [email protected]

Copyright © 2015 - 2024 - Recent Slot Releases is part of HIPTHER Agency. Registered in Romania under Proshirt SRL, Company number: 2134306, EU VAT ID: RO21343605. Office address: Blvd. 1 Decembrie 1918 nr.5, Targu Mures, Romania