Compliance Updates
GCB Requirements for Compliance Officer Based on NOIS/NORUT
Introduction
The GCB provides these guidelines for the role of a Compliance Officer which is a statutory requirement for Curacao companies under the National Ordinance on the Identification of Clients when Rendering Services (NOIS) and the National Ordinance on the Reporting of Unusual Transactions (NORUT) as part of the fight against money laundering and terrorism financing.
Fit and Proper Requirements
The GCB aims to license operators that maintain integrity in their operations, which includes an effective compliance function. The individual acting as a Compliance Officer must demonstrate professional experience, competence and integrity. This entails specific requirements for those authorized by the GCB to serve as a Compliance Officer for a gaming operator.
Suitability
As part of the fit and proper process of the Compliance Officer, the operator must submit a comprehensive Personal History Disclosure Form to the GCB, along with all necessary supporting documents, including a CV, to enable the GCB to conduct thorough due diligence. The due diligence process may include, but not limited to, an assessment of the Compliance Officer’s:
- Personal and Professional History: Assessment of the individual’s background and experience, including any past legal or regulatory issues, to ensure no history of criminal activity, regulatory violations, or other conduct that would raise concerns about their suitability for the role.
- Reputation: Verification of the individual’s reputation through reference checks and, where applicable, consultation with relevant regulatory or industry bodies.
Competence
The operator must provide a detailed CV of the Compliance Officer, detailing their experience and education levels.
To qualify for the role, the Compliance Officer should meet one of the following criteria:
- Education and Experience: At least two years of experience in Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) compliance in a reporting role, along with a bachelor’s degree or a relevant AML certification. Recognized certifications in Curaçao include the CAMS certification from the Association of Certified Anti-Money Laundering Specialists (ACAMS) and the AMLFC certification from the AML Foundation & Compliance Institute. Other comparable certifications may be accepted, subject to approval by the GCB.
OR
- Experience Only: At least four years of experience in AML/CFT compliance in a reporting role.
Additionally, individuals with at least two years of experience in a Money Laundering Reporting Officer (MLRO) role, or equivalent, in other jurisdictions are qualified to serve as a Compliance Officer according to NOIS/NORUT.
The Compliance Officer must demonstrate a commitment to continuing professional development by investing at least 10 hours annually in AML-related training. This may include industry-specific training and workshops offered by the GCB.
The Compliance Officer should have knowledge of Curaçao laws, including NOIS and NORUT, as well as AML regulations issued by the GCB. Familiarity with screening against EU and OFAC sanctions lists is also required.
- Scope of Responsibilities
The operator must formally designate a senior officer at the management level as responsible for detecting and deterring money laundering and terrorist financing. This AML/CFT Compliance Officer should have timely access to customer identification data, Customer Due Diligence (CDD) information, transaction records, and other relevant data, and must be able to act independently.
The Compliance Officer is responsible for:
- Designing and implementing the AML program.
- Ensuring compliance with Curaçao laws and regulations regarding money laundering and terrorist financing.
- Reviewing adherence to the casino’s policies and procedures.
- Organizing staff training sessions on compliance-related issues.
- Analyzing transactions and identifying those subject to reporting under the Ministerial Decree on Indicators for Unusual Transactions.
- Reviewing internally reported unusual transactions for completeness and accuracy.
- Maintaining records of both internally and externally reported unusual transactions.
- Design an internal procedure about when reporting of unusual transactions will lead to blocking/ freezing of user accounts
- Conducting further investigations into unusual transactions if necessary.
- Preparing external reports on unusual transactions.
- Making necessary changes to the AML program.
- Staying informed about local and international developments related to money laundering and terrorist financing and suggesting improvements to management.
- Preparing periodic reports on the casino’s efforts against money laundering, terrorism financing, and proliferation financing.
Conflict of Interest
The role of Compliance Officer must not be combined with any other function that could lead to a conflict of interest or compromise the independence of the compliance function. The Compliance Officer role cannot be combined with the functions of UBO, CEO, CFO, COO, Casino Manager, Slot Manager and other operational functions. Additionally, it should be separate from the internal audit function.
Exercising of Functions in Other Jurisdictions
An individual appointed as a Compliance Officer for a Curaçao entity may also serve as an MLRO in a foreign jurisdiction, provided they have sufficient time and resources to fulfill all roles effectively.
Outsourcing
The GCB permits the outsourcing of the compliance function to a reputable third party. The CV of the responsible manager must be submitted, detailing their experience and education levels. The operator should be able to provide the outsourcing contract upon request for evaluation by the GCB.
Any one person cannot represent more than 10 operators in the role of compliance function. This limit also includes similar roles in foreign jurisdictions. In specific cases, the GCB may contest this maximum given the size of the serviced operators.
Please note that the licensed operator remains responsible for ensuring the proper execution of the compliance function.
Transitional Arrangements
The GCB expects that both current and newly appointed Compliance Officers in the gaming sector will adhere to these guidelines.
If existing Compliance Officers of licensed operators do not meet one or more requirements at the time of introduction, some adjustment time will be allowed. The GCB expects the operator to comply with item 3 for its compliance officer right away. For items 5 and 6 the operator will have up to six months to comply with these requirements. Regarding item 4, competence, if the compliance officer is not compliant regarding experience and education levels, the licensed operator is awarded a maximum of 1 year to bring the knowledge of the compliance officer up to par. In this case, the licensed operator should disclose a training plan for the Compliance Officer, which will be monitored by the GCB.
Operators that have applied for a GCB license but have not been granted a license as yet at introduction date, should make sure that the proposed compliance officer complies with these guidelines since the mentioned transitional arrangements will not apply.
Exemptions
B2B licensees are not required to appoint a compliance officer as per the requirements issued in this guidance document.
Implementation Date
The implementation date is set for January 1, 2025
The post GCB Requirements for Compliance Officer Based on NOIS/NORUT appeared first on European Gaming Industry News.
New Zealand Racing Minister Winston Peters has announced the introduction of legislation to amend the Racing Industry Act 2020 which will extend TAB NZ’s current land-based monopoly for sports and racing betting to online.
The Racing Industry Act established TAB NZ for the purposes of funding the racing industry. It provides 90% of the racing industry’s revenue, which generates billions of dollars for the New Zealand economy and employs over 13,500 people.
“This legislation will enhance the long-term sustainability of New Zealand’s racing industry by making TAB NZ New Zealand’s sole provider for sports and race betting both on land and online,” said Mr Peters.
“Growing competition from offshore online betting operators poses a significant threat to the TAB NZ model.
“This change brings the model up-to-date with the current sports betting climate and will ensure the financial sustainability of the racing industry, as established in the Coalition Government’s Q4 Action Plan for New Zealand.”
The Bill makes a number of other changes to support the success of TAB NZ, including new oversight powers for the Minister to seek information from TAB NZ, and regulatory oversight of the prohibition on other operators.
“These oversight tools will ensure that TAB NZ can continue to deliver value for consumers and the racing industry, and to ensure that the ongoing viability of the industry,” Mr Peters said.
Other changes to the legislation include regulation-making powers for harm prevention and minimisation, and consumer protection, and removing the Point of Consumption Charge.
The Bill will be referred to the Governance and Administration Committee for a select committee process.
The post New Zealand Introduces Racing Act Changes to Extend TAB NZ Monopoly appeared first on European Gaming Industry News.
Compliance Updates
VI Casino Control Commission, Department of Health Announce Joint Initiative on Problem Gambling
In an initiative aimed at promoting responsible gaming in the U.S. Virgin Islands, the Virgin Islands Casino Control Commission (VICCC) and the Virgin Islands Department of Health (VIDOH) announced that a Memorandum of Understanding (MOU) has been executed to train and certify counselors in the districts of St. Thomas-St. John and St. Croix to treat problem gambling disorders and addiction.
Under the terms of the MOU fully executed on October 24, 2024, the VICCC has provided the funds for six counselors, three in each island district, employed at the VIDOH’s Division of Behavioral Health to receive training through The Center for Addiction Studies and Research.
This training will include vital knowledge on etiological predictors and risk factors, implementing suicide prevention strategies, and employing effective treatment approaches for individuals affected by gambling addiction. Additionally, the VICCC will also provide the funds to ensure that the counselors receive supervision by a board-approved clinical consultant, leading to an international certification recognized by the International Gambling Counselor Certification Board.
Marvin L. Pickering, VICCC Chairman and CEO, said: “While our residents will continue to have access to 1-800-GAMBLER and other national resources, it has always been the position of the VICCC that, in fulfilling our legal mandate to provide programs to treat and prevent gambling addiction, we needed to ensure the availability of assistance locally, assistance that is confidential and free or low-cost and that can be easily accessed, seen and understood.”
“In all aspects, VIDOH was an excellent choice for the VICCC,” Pickering added.
VIDOH Commissioner Justa Encarnacion said: “We want to ensure that we strengthen resources and services for those facing challenges with gambling and that we equip the community with information to make informed decisions about gaming, whether it is bingo, lottery, VLTs, or slot machines. Overall, our goal is to encourage a culture of responsibility within the Virgin Islands gaming community.”
Chairman Pickering and Commissioner Encarnacion expressed appreciation to the teams at VICCC and VIDOH who effectively collaborated in bringing the MOU to fruition.
Chairman Pickering particularly applauded the unwavering efforts of Commissioner Carolyn P. Hermon-Percell, the Vice-Chair of VICCC for her leadership in bringing this first major step to fruition. Both look forward to this important measure that is expected to improve health and wellness and reduce the personal, social, and economic costs of problem gambling in the U.S. Virgin Islands.
In an industry that demands innovation and responsibility in equal measure, NOVOMATIC is once again sending a clear signal that player protection is more than just a buzzword. The recertification by the renowned Global Gambling Guidance Group (G4) is proof of NOVOMATIC’s ingrained sense of responsibility and its deep commitment, which goes far beyond what is required by law.
Taking responsibility is in NOVOMATIC’s corporate DNA. Responsible gaming together with the associated player protection and prevention measures are therefore a top priority for the Group. This is a fact demonstrated by the Group’s recertification in accordance with the recognized G4 standard issued by the Global Gambling Guidance Group. The award, created by experts in the field of responsible gaming, is internationally recognized as the most renowned and demanding standard for player protection. As a pioneer and driving force in the area of player protection, NOVOMATIC has been committed to the G4 standard since 2019 and is one of the few gaming companies around the world to meet the demanding criteria of the independent audit. With certified locations in several core European markets – including Austria, Germany, UK, Spain, Italy and the Netherlands – NOVOMATIC is demonstrating its consistent global focus on responsible and sustainable gaming technologies.
Responsibility at the Highest Level
The fact that the G4 standard is subject to ongoing development means that it is necessary to seek recertification every three years. As one of the world’s leading gaming technology companies, NOVOMATIC rises to this challenge time and again with its full commitment and innovative solutions.
“This certification is proof of our pursuit of excellent and responsible entertainment. As a globally active technology supplier and operator of international casinos, the recertification is clear evidence of our ongoing commitment to ensuring a safe and sustainable gaming experience,” the Executive Board of the NOVOMATIC AG Group said.
Ynze Remmers, G4 Lead Auditor, said: “NOVOMATIC AG, as a supplier to the industry, sets the bar for responsible gambling with cutting-edge biometric technology, robust player protection tools, and a commitment to global standards – driving player safety and innovation across the gaming industry.”
The G4 certification comprises over 100 criteria – from comprehensive internal guidelines to intensive employee training, transparent customer risk education and responsible marketing. NOVOMATIC is a pioneer in responsible entertainment, consistently integrating responsible gaming into its business strategy at the highest level. Having renewed its G4 certification, NOVOMATIC remains a driving force behind global player protection.
The post NOVOMATIC Secures Global Gambling Guidance Group (G4) Recertification appeared first on European Gaming Industry News.
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