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Compliance Updates

Sweden has all its system go for the introduction of new laws intending internet gaming in 2019

Athira A

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Reading Time: 2 minutes

Lotteriinspektionen, the Swedish regulator said that the application process for new online gambling licences in the country will commence on July 1.Consequently, the country has all its systems go for the introduction of new laws for internet gaming on January 1, 2019, irrespective of the finalisation of the regulation.

As the regulator spent a considerable time last year working on technical and general aspects for the new laws, post the collaboration with members of the wider gambling community, it is almost ready to present the updated version of the regulations.

With regard to this, Camilla Rosenberg, the Director General of the Lotteriinspektionen, said: “There will be no limit as to the number of licences it can award to operators, but all applicants must meet certain criteria set by the regulator and the government.”

Applications will be scrutinised based on how responsibly an operator can manage gambling activity, as well as their potential to provide a high level of customer protection, maintain good security, and duty of care.

However, Rosenberg also alarmed that even after the government has signed off on the final set of regulations, the law may not be clear at first, adding that the reform will be monitored to see if further changes are needed.

Rosenberg added: “The awarding of licences and the dates from which they will be valid will depend partly on the quality of the applications and when they are received by the Swedish Gambling Authority. We will make a comprehensive assessment of both the application and of the company behind the application. I would like to say that the re-regulation is extensive and will take time.”

“Not everything will be clear from day one; the entire reform will be evaluated over a three-year period. The Swedish Gambling Authority – transforming into the new gaming authority – will do its best, given the conditions we face, to make reform successful. Our aim is to be as transparent as possible and provide regular information about new details and conditions.”

Athira is a self-described “logophile” – a lover of words. She loves updating her vocabulary and playing around with words, to frame a sensible world of letters. Letters come alive when they become words and when words become sentences. And that’s her job, to put them together in a meaningful way without loosing its essence. She has written content for websites, articles and poems for an international magazine, and press releases as well. She also loves writing on social media. She holds a Masters degree in bio-technology, but she has always been interested in the organic farming of words. Besides writing content for our daily news feed, she is also working as staff writer/editor with Impressions Content Management, based in Kerala, India, which offers writing and editing services to clients around the world.

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Nepal Government Introduces New Casino Rules

Niji Narayan

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Nepal Government Introduces New Casino Rules
Reading Time: 1 minute

 

The Government of Nepal has introduced a set of new rules relating to sharing of information about gamblers, management of assets and monitoring for suspicious activities.

As per the new rules, operators of brick-and-mortar casinos are required to maintain a record of visitors and players at the properties. Gambling venues should also deny access to those who are believed to be involved in suspicious activities.

The new rules mandate that the casinos must inform the government and the Nepal Rastra Bank about wins or losses of more than NPR1 million within a 15-day period. If the gambling venues suspect that a patron uses suspicious money, it has to compile a report and notify the NRB’s Financial Information Unit within a three-day period.

Under the recently adopted rules, operators of gambling venues must submit reports to the Department of Tourism in every four months. The reports must contain information proving that the casinos are not used for money laundering. Properties failing to submit the required reports could face fines of up to NPR50 million.

The newly imposed rules also contain provisions relating to sharing information about customers, casino operators and staff members. If casinos change staff, they must inform the authorities about the changes within a 15-day period.

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Compliance Updates

ASA Bans the Adverts of BetIndex and Coral

Niji Narayan

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ASA Bans Two ‘Irresponsible’ Gambling Adverts
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Advertising Standards Authority (ASA) has banned the adverts from BetIndex and Coral for being socially irresponsible and encouraging potentially harmful behaviour.

A BetIndex video on YouTube featured a representative of The Football Index product describing it as “basically the football stock market, where you buy and sell shares in footballers with real money and you can win daily pay-outs which we call dividends.” A viewer of the video complained that it was irresponsible because it was presented as an investment opportunity.

Advertising Standards Authority (ASA) said the ad created the impression that the product was an investment opportunity when, in fact, it was a betting product. It concluded that the ad did not make the associated financial risks clear and was irresponsible.

Separately, a television ad for Coral has been banned for encouraging repetitive participation in gambling. The ad featured a female voiceover stating: “Free £5 bet every Sunday. When you bet £25+ Monday to Saturday.” A viewer complained that the offer was irresponsible and potentially harmful for encouraging consumers to gamble each week.

“We considered that the suggestion that viewers should ‘join’ a ‘club’ in order to receive a free £5 bet ‘every’ Sunday was likely to encourage some consumers to take up the offer repetitively. For that reason, we concluded that the ad was likely to encourage gambling behaviour that was harmful and therefore breached the Code,” upholding the complaint, the ASA said.

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Compliance Updates

MONEYVAL Criticises Malta for Failing to Act Against Financial Crimes

Niji Narayan

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MONEYVAL Criticises Malta for Failing to Act Against Financial Crimes
Photo Source: newstatesman.com
Reading Time: 1 minute

 

Anti-money laundering body, MONEYVAL has sharply criticised Malta for inadequately tackling financial crimes, in a report highlighting the risks of banking and online gambling sectors. The report is a setback for the island that has sought to repair its reputation following the murder of a journalist investigating corruption.

Moneyval said that the Maltese police seldom used information gathered to trace criminal money and not enough was being done to tackle money laundering risks in online gambling.

A group of Maltese ministers issued a statement to say they were happy with the progress that the country had made so far and they would prepare a one-year plan to implement Moneyval’s 58 recommendations.

Moneyval said that although the country had tried to better understand money laundering risks, investigations were hampered by “limited resources, both human and financial.”

Moneyval added they were “not convinced” Maltese police could effectively investigate and prosecute “cases related to financial, bribery and corruption offences.”

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