Compliance Updates
Spillemyndigheden: The Player ID’s Impact on Land-based Betting Operators and Their AML Obligations
On 1 October 2023, Spillemyndigheden made it a requirement for land-based operators to identify all customers before bets can be purchased, with customers also issued a Player ID to which their account is linked.
The regulator said the new rule “impacts the gambling operators’ business model” and has subsequently called on such companies to assess whether their risk of being misused for money laundering and terrorist financing has changed.
“As a rule, a risk assessment must be reassessed at least once a year or otherwise in connection with significant changes in the business model,” the regulator said.
“The introduction of the Player ID may therefore cause the gambling operators to update their risk assessment and, on that basis, update their policies, business procedures and controls.”
Gambling operators must also consider “which limiting measures must be implemented in order to limit the risk of, for example, misuse of the Player ID.”
Compliance Updates
BetComply, RiskCherry and White Coral team up to offer go-to-market service
Compliance consultancy BetComply, independent test lab RiskCherry and legal advisory White Coral have agreed a strategic alliance, meaning the trio can now offer a complete, go-to-market service to igaming suppliers looking to launch their products in new jurisdictions.
The new service was born out of direct feedback from games studios who were struggling with the need to engage multiple advisories and consultancies ahead of new market launches.
By combining forces, BetComply, RiskCherry and White Coral are together able to provide an efficient and seamless experience, as well as a unified conclusion to each project: the relevant licence or certification for the supplier.
BetComply will cover pre-compliance testing, understanding technical requirements and policy drafting; RiskCherry will handle testing, inspection and certification; and White Coral will provide legal coverage across software agreements, sales contracts and more.
Daniel Brookes, CEO at BetComply, said: “For too long, launching content in new markets was a fragmented and frustrating process for games studios. By teaming up with RiskCherry and White Coral, we’re able to eliminate the guesswork, opacity and many of the hidden costs. This isn’t just streamlining a process; we’re setting a new standard for the industry.”
Mihael Mladenov, COO at RiskCherry, said: “We’re really excited to work alongside BetComply and White Coral on this game-changing service. It brings together three of the most forward-thinking companies in their respective fields, and provides a one-stop-shop for games suppliers.”
Steven Matsell, Managing Partner and Founder at White Coral, said: “White Coral has always been focused on cutting through legal complexity, and alongside BetComply and RiskCherry, we’re now able to offer our services in a way that further simplifies the process for suppliers. This is a major win for any business wanting to complete agreements faster and more cost effectively.”
The post BetComply, RiskCherry and White Coral team up to offer go-to-market service appeared first on European Gaming Industry News.
Compliance Updates
ITIA Bans Two Players for Corruption Linked to Belgian Syndicate
The International Tennis Integrity Agency (ITIA) has banned two tennis players for corruption linked to a syndicate in Belgium.
The ITIA has issued Alejandro Mendoza Crespo with the maximum penalty of a lifetime ban from tennis for 20 offences. Meanwhile, Jorge Panta Herreros has been suspended for three years for four infringements.
The sanctions were handed down by independent anti-corruption hearing officer Professor Richard McLaren. This came after a formal hearing in early March, with the suspensions effective from 4 April onwards.
Mendoza and Panta were also issued with fines of $250,000 (£199,619/€231,942) and $10,000 respectively. The pair will be banned from playing, coaching or attending any event sanctioned by ITIA members, including the ATP and WTA.
The ITIA is an independent body established by its tennis members to promote, encourage, enhance and safeguard the integrity of professional tennis worldwide.
The post ITIA Bans Two Players for Corruption Linked to Belgian Syndicate appeared first on European Gaming Industry News.
Compliance Updates
BOS: “Of course the minister is right when stating that the state should not operate casinos”
The Swedish Trade Association for Online Gambling (BOS) expresses itself in an op-ed, published today in Sweden’s largest newspaper Aftonbladet, about financial market minister Niklas Wykman’s statement that “It should not be a politically ordered task for a state company to operate casinos”. The minister made the statement in an op-ed in Aftonbladet due to his announcement that the government intends to close Sweden’s last land-based casino, located in central Stockholm.
In a response from BOS, Secretary General Gustaf Hoffstedt welcomes the minister’s principled statement about the inappropriateness of running state casinos. Hoffstedt also reminds the minister that the state continues to do exactly that online and that the same principled stance should also apply online.
-We welcome this principled firm stance on the part of the minister and foresee that a winding down of the state as a commercial operator in the casino market can take place during the mandate period, which extends until 2026, says Gustaf Hoffstedt.
The post BOS: “Of course the minister is right when stating that the state should not operate casinos” appeared first on European Gaming Industry News.
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