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Compliance Updates

GCB Requirements for Compliance Officer Based on NOIS/NORUT

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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.

 

  1. 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.

Australia

VGCCC Fines Werribee RSL for Self-exclusion Failures

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The Victorian Gambling and Casino Control Commission (VGCCC) has fined the Werribee RSL $30,000 for failing to prevent 2 self-excluded customers from gambling.

VGCCC CEO Suzy Neilan said: “This is the first time the VGCCC has taken disciplinary action against a club or hotel for self-exclusion breaches.

“Self-exclusion programs empower people to manage their gambling by registering to be temporarily or permanently blocked from entering gambling areas of clubs, pubs and casinos.

“By failing to respect a person’s decision to self-exclude, a venue may put customers who have decided to take a break from gambling, or quit altogether, at risk of experiencing gambling harm.”

In January 2024, the VGCCC received an anonymous tip-off that a self-excluded person entered the Werribee RSL gaming room and used the poker machines. The venue self-reported a second breach in May 2024, after realising a different customer had gambled at the venue on at least 4 occasions between February and May 2024.

Ms Neilan said: “Taking disciplinary action is the last resort. We would prefer venues take their harm minimisation responsibilities seriously by complying with their legal obligations, including through the effective implementation of tools like self-exclusion.

“Venues and their staff are the last line of defence for self-excluded customers, who should be able to trust that their decision to self-exclude will be respected. They must have the appropriate controls in place to prevent self-excluded people from entering gaming rooms.”

The VGCCC acknowledged that Werribee RSL cooperated with the investigations and has since taken steps to strengthen its procedures. These include improved and regular staff training, daily audits of the self-exclusion register and greater use of technology to identify self-excluded customers who attempt to enter the gaming room.

This remedial action was taken into consideration in determining the amount of the fine.

The post VGCCC Fines Werribee RSL for Self-exclusion Failures appeared first on European Gaming Industry News.

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Compliance Updates

Konami Gaming Awarded Gaming-related Vendor License in the UAE

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Konami Gaming Inc. announced successful completion of Gaming-related Vendor Licensing in the United Arab Emirates (UAE), a key emerging market for commercial gaming. Konami Gaming is among the first in the industry to be awarded a Gaming-Related Vendor License by the General Commercial Gaming Regulatory Authority (GCGRA), an independent entity of the UAE Federal Government with exclusive jurisdiction to regulate, license, and supervise all UAE commercial gaming activities. A leading global provider of casino games and casino management systems, Konami has been awarded official license to serve the UAE’s developing gaming market with its award-winning products and services.

“Since Konami Gaming’s inception, our global growth has been achieved with an unwavering commitment to compliance. As the United Arab Emirates expands its economy to the regulated commercial gaming space, Konami is dedicated to supporting this market with the same integrity, innovation, and excellence we bring to all 431 gaming jurisdictions we serve worldwide,” said Tom Jingoli, president & chief operating officer at Konami Gaming.

For a quarter century, casino players have enjoyed Konami Gaming’s slot machines for the Class III gaming space, in which game outcomes are determined by random number generators (RNG). The company has since expanded its world-famous casino entertainment to online gaming and a variety of central determination market sectors. Additionally, Konami Gaming has spent over 20 years delivering its industry-leading SYNKROS casino management system to some of the largest and most diverse gaming destinations on earth, with ultra-reliable 99.99% uptime.

The post Konami Gaming Awarded Gaming-related Vendor License in the UAE appeared first on European Gaming Industry News.

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Australia

ACMA: ReadyBet Breaches Gambling Self-exclusion Rules

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The Australian Communications and Media Authority (ACMA) has issued ReadyBet with a remedial direction after the company marketed to customers who had registered with BetStop – the National Self-Exclusion Register (NSER).

An ACMA investigation found ReadyBet sent 273 texts and push notifications from its mobile app to self-excluded individuals.

Separately, the company also failed to promote the NSER in 2342 push notifications despite it being mandatory to promote BetStop in any marketing electronic messages.

The ACMA issued the remedial direction so that ReadyBet takes action to prevent it breaching the rules in the future.

Under the remedial direction, ReadyBet must commission an independent review of its marketing systems, including its use of third-party suppliers.

ReadyBet must also engage a provider to deliver training to its staff to avoid messages being sent to self-excluded individuals.

The ACMA may seek civil penalties if ReadyBet does not comply with the remedial direction.

The post ACMA: ReadyBet Breaches Gambling Self-exclusion Rules appeared first on European Gaming Industry News.

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