{"id":15393,"date":"2024-02-29T13:47:59","date_gmt":"2024-02-29T12:47:59","guid":{"rendered":"https:\/\/igacademy.com\/?p=15393"},"modified":"2024-02-29T13:47:59","modified_gmt":"2024-02-29T12:47:59","slug":"preparing-for-re-regulation-best-practices-for-igaming-operators-in-curacao","status":"publish","type":"post","link":"https:\/\/igacademy.com\/preparing-for-re-regulation-best-practices-for-igaming-operators-in-curacao\/","title":{"rendered":"Preparing for Re-Regulation: Best Practices for iGaming Operators in Cura\u00e7ao"},"content":{"rendered":"[vc_row type=”in_container” full_screen_row_position=”middle” scene_position=”center” text_color=”dark” text_align=”left” overlay_strength=”0.3″ shape_divider_position=”bottom”][vc_column column_padding=”no-extra-padding” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_link_target=”_self” column_shadow=”none” column_border_radius=”none” width=”1\/1″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid”][vc_column_text]This month, February 2024, Cura\u00e7ao took a significant step forward in its gambling reforms by issuing its first licences under the new regulatory regime. This marked the next step of the re-regulation era for the island’s gambling sector, including the establishment of the Cura\u00e7ao Gaming Authority (CGA), an independent body mandated by the government.<\/p>\n
Under the incoming National Ordinance for Games of Chance (LOK) legislation, both B2C operators and B2B suppliers are now required to apply for direct licences with the Gaming Control Board (GCB). These new licences come with stringent controls, including heightened anti-money laundering measures and a mandate for a stronger local presence. Notably, B2C operators must have at least three employees occupying “key positions” working on the island.<\/p>\n
Key provisions of the LOK encompass all gaming activities, including the issuance, suspension and withdrawal of licences, as well as promoting responsible gambling practices. One significant requirement is the submission of audited policies and procedures within six months of licence issuance, aligning with international standards expected of reputable gambling operators. These standards encompass player protection, dynamic anti-money laundering procedures, KYC (Know Your Customer) protocols, responsible gaming practices, and robust technical and information security setups.<\/p>\n
The overarching goals of the LOK legislation are clear:<\/p>\n
Globally, regulatory bodies are placing increasing emphasis on compliance training as a crucial component of ensuring adherence to regulatory standards. This is expected to be no different in Cura\u00e7ao. Therefore, iGaming operators must prioritise implementing robust compliance training programmes, monitoring and managing training completions, and having processes and reporting mechanisms in place for audits.<\/p>\n
Here are some best practices for iGaming operators in Cura\u00e7ao to effectively manage compliance training:<\/p>\n
Amid all these changes to Cura\u00e7ao’s gaming regulations, iGaming Academy is here to help. We’re keeping a close eye on what’s happening to ensure you have the tools and training materials needed, aligning compliance training with the new regulations.<\/p>\n
We offer compliance training covering everything from responsible gaming, anti-money laundering, countering the financing of terrorism, and more. Our training materials are aligned with international regulations and provide a foundation for employees working in any market. However, our compliance experts are also developing jurisdictional content specifically for Cura\u00e7ao, so you can assign tailored eLearning modules to employees working in the market.<\/p>\n
We can also help you put in place the reporting infrastructure needed for audit – if you don\u2019t have a suitable platform at present. Our LMS provides a centralised platform to deliver your compliance training and provides audit-ready evidence to demonstrate adherence to training requirements.<\/p>\n