Compliance Updates
Denmark to Phase Out 1000-Krone Banknote by May 2025
Denmarks National Bank has recently announced that they will phase out the 1000-krone banknote. Among other things, the 1000-krone banknote will be phased out with a view to combating and preventing money laundering.
The 1000-krone banknote will not become invalid until 31 May 2025. The police expect that the criminals will use the time to get rid of their 1000-krone banknotes. Just as the banks must be particularly attentive when receiving 1000-krone banknotes in the coming period, gambling operators must also be so. This applies in particular to operators of land-based betting and land-based casinos. However, this also applies to operators of online gambling that allow funds to be deposited using prepaid credit cards and cash vouchers.
The phasing out of the 1000-krone banknote is associated with a number of new risks. It may, therefore, be relevant to assess whether the phasing out of the 1000-krone banknote gives rise to updating one’s risk assessment. If money laundering is suspected, the Money Laundering Secretariat must be notified.
Compliance Updates
The Danish Gambling Authority Will Have More Response Options with Amendment of the Gambling Act
On 2 May, the Danish Parliament adopted the Act on Amendment of Act on Gambling. Among other things, the amendment of the Gambling Act means that the Danish Gambling Authority from the 1st of July 2024 will have more response options i.e., options to issue orders and reprimands.
Until last month, the Danish Gambling Authority had the option to warn the licence holder or report it to the police when the Danish Gambling Authority found a breach of the gambling legislation.
However, in the future, when the Danish Gambling Authority finds a breach, the Danish Gambling Authority can issue an order and/or a reprimand. If the licence holder fails to comply with the order or does not meet the deadline, the breach may result in a report to the police or the licence may be revoked.
The amendment of the Act also means that the Danish Gambling Authority must publish court rulings where the outcome is a verdict of guilty or a partial verdict and fines issued for breaches found after 1 July 2024 on the Danish Gambling Authority’s website for five years.
On Spillemyndigheden.dk, you will find a full list of all reactions issued by the Danish Gambling Authority. You will find the list “Rulings and reactions” under “News” in the menu. The list enables you to filter by type of reaction and field of law.
The post The Danish Gambling Authority Will Have More Response Options with Amendment of the Gambling Act appeared first on European Gaming Industry News.
Edict egaming has received approval from the Alcohol and Gaming Commission of Ontario (AGCO) to provide its games for the online casino market in the Canadian province. This applies to both the German edict egaming GmbH and Edict Malta Limited. From now on, the Merkur Group subsidiary will be able to offer its popular Merkur slots in one of the largest North American markets.
“We are delighted to have received AGCO approval for our Merkur games in Ontario. This is definitely a big step for edict and we are very excited to showcase ourselves to new audiences on the global stage in this dynamic market,” Dominic-Daniel Liénard, CEO of edict egaming GmbH, said.
The AGCO is working with the Government of Ontario and iGaming Ontario (iGO) to establish a new online gaming market that helps protect consumers gambling through private gaming companies. This license certifies that edict operates within the framework of strict laws and meets the requirements for responsible gaming.
Compliance Updates
Malta Gaming Authority Reminds Licensees to Notify Material Outsourcing Within 30 Days
The Malta Gaming Authority (MGA) has issued a reminder to licensees regarding the necessary compliance procedures for outsourcing activities related to material supplies, critical supplies and key functions.
According to the Gaming Authorisations and Compliance Directive, licensees must adhere to the Policy for Outsourcing by Authorised Persons. Licensees are required to notify the MGA within 30 days when outsourcing material supplies.
For outsourcing activities deemed to be critical supplies or critical services, prior approval from the Authority is mandatory. This approval must be secured before entering into any agreements, MGA said in a statement.
Outsourcing requests should be submitted through the “Operational – Outsourcing Arrangements” application on the Licensee Portal. Key Function applications need to be submitted directly by the respective Key Person via the “Personal Portfolio” on the Licensee Portal.
Furthermore, if licensees require the MGA’s formal approval for any outsourced business arrangements with third parties, known as “Shared Conduct Agreements,” a specific procedure must be followed to obtain this approval.
The post Malta Gaming Authority Reminds Licensees to Notify Material Outsourcing Within 30 Days appeared first on European Gaming Industry News.
Kambi Group plc agrees long-term sportsbook partnership extension with Sun International
Continent 8 Technologies launches new managed services as part of the exclusive AWS Solution Provider Program
NASCAR unveils first step into the Fortnite ecosystem with custom Rocket Racing tracks inspired by its iconic events and venues
Industry Leaders Voice Strong Backing for SBC Summit Americas in Fort Lauderdale
ACR POKER GETTING PLAYERS WARMED UP FOR DUAL VENOM TOURNEYS WITH $1 MILLION GUARANTEED VENOM WARMUP
Digitain Appoints LatAm Sales Director
Yggdrasil and ReelPlay unleash hell on earth in Armageddon 10K WAYS™
Borgata Awards Over $3 Million in Jackpots on AGS’ Bonus Spin™ Xtreme Progressive In One Year
Abios, part of the Kambi Group, partners with Brazilian operator Rei do Pitaco for fantasy esoccer
Games Global launches Garden of the Gods Gold Blitz™ exclusively with Caesars Digital in three North American jurisdictions
-
gaming2 years agoODIN by 4Players: Immersive, state-of-the-art in-game audio launches into the next generation of gaming
-
EEG iGaming Directory7 years ago
iSoftBet continues to grow with new release Forest Mania
-
News6 years ago
Softbroke collaborates with Asia Live Tech for the expansion of the service line in the igaming market
-
News5 years ago
Super Bowl LIII: NFL Fans Can Bet on the #1 Sportsbook Review Site Betting-Super-Bowl.com, Providing Free Unbiased and Trusted News, Picks and Predictions
-
iGaming Industry6 years ago
Rick Meitzler appointed to the Indian Gaming Magazine Advisory Board for 2018
-
News5 years ago
REVEALED: Top eSports players set to earn $3.2 million in 2019
-
iGaming Industry7 years ago
French Senator raises Loot Boxes to France’s Gambling Regulator
-
News6 years ago
Exclusive Interview with Miklos Handa (Founder of the email marketing solutions, “MailMike.net”), speaker at Vienna International Gaming Expo 2018
