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Compliance Updates

SKS365 Further Enhances Its Legal, Compliance And AML Function By Appointing A Supervisory Body

George Miller

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SKS365 Further Enhances Its Legal, Compliance And AML Function By Appointing A Supervisory Body
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The new supervisory body will comprise four professionals
with proven experience in the legal, academic and military sectors:
Antonio Conte, Massimo Ignesti, Stefano Mele and Ranieri Razzante

At SKS365 we are committed to being leaders in Legal, Compliance and AML to further ensure a safe, fair and open environment for our customers, therefore the Company is proud to announce that its Legal, Compliance and AML infrastructure grows stronger with the adoption of a state-of-the-art organisational model pursuant to law 231/2001. The Company announces the establishment of a Supervisory Body and the appointment of four new senior members with proven experience in the legal, academic and military sectors.

The Supervisory Body will work alongside the Legal, Compliance and AML Department and will be entrusted with independent control, audit and risk management tasks across the Company.

SKS365 – international gaming and betting operator with a leading market share in Italy through the Planetwin365 brand – carefully selected the following four professionals that will comprise the Supervisory Body:

Massimo Ignesti (Chairman), an international expert on security and terrorism financing; Brigadier General (retired) of the Carabinieri Corps. General Ignesti comes with a background as commanding officer of domestic and overseas investigative units; senior intelligence officer; as well as Corporate Security Manager at Eni;

Prof. Avv. Ranieri Razzante (Deputy Chairman), a foremost legal scholar; Chair in Anti-crime Legislation at the University of Bologna; Director of the Center for Research on Security and Terrorism; President of the Italian Association of Anti-Money Laundering and Special Adviser to the Parliamentary Anti-Mafia Commission;
Avv. Antonio Conte, a leading barrister; Past President of the Bar Council of Rome;

Avv. Stefano Mele, a cybersecurity expert; President of the Cyber Security Commission of the Italian Atlantic Committee; President of the Cybersecurity Working Group of the American Chamber of Commerce in Italy (AmCham). Avv. Mele has been designated a “Key Opinion Leader for Cyberspace Security” by Born as well as one of the “20 best Cyber Policy Experts in the world” by Forbes Magazine.

The Legal & Compliance department has selected four profiles with diversified and complementary skills. The Supervisory Body will be pivotal to SKS’s legal, compliance and AML systems. In addition to the usual audit tasks, the Supervisory Body will oversee the security of the IT networks and of the financial flows, the risk management function and will work alongside the AML/MLRO to further develop the Company’s internal control systems to prevent potential offenses within our sector, constantly exposed to risks.

SKS365’s Country Manager, Francesco Gaziano, quipped: “We continue to attract high-profile, leading professionals and recognised experts. Our talent pool is becoming a distinctive competitive advantage. We keep investing in compliance, risk management and internal controls. In fact, we believe that compliance is a competitive lever and creates value by improving reputation, enhancing transparency, and reducing operational risk for the benefit of our customers and employees. For SKS365 it is essential that we offer to our customers a safe, fair and open environment where they can enjoy our entertaining product and share our passion for sports”. “SKS365 – he highlights – has been executing a spectacular turnaround. The new management is serious about getting without any exception. I tell you, we are building the absolute best-in-class in the industry”.

Central Europe

German Regulations Ban Visa and Mastercard from Online Casino Transactions

Niji Narayan

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German Regulations Ban Visa and Mastercard from Online Casino Transactions
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Online casinos targeting German consumers will no longer be able to use Visa or Mastercard services, as a fresh wave of punitive legislation targeted at the iGaming industry and payment providers transferring money to and from online casinos has been unleashed.

Visa has instructed banks in Germany not to accept deposits and withdrawals from online casinos using their cards.

A financial services giant spokesperson said the company recently reached out to its retail banking partners to ensure that “only legal, properly licenced transactions are processed” using its credit cards.

It has also recently emerged that German online casino players do not use their Mastercard credit cards to deposit money and withdraw their winnings from gaming websites. Casinos replied generally that Visa and Mastercard had advised them either to exclude the two companies from their lists of available payment options in Germany or to lose access to Visa and Mastercards in all the markets they work.

Last month, the state of Lower Saxony in Germany ordered an unidentified payment service provider to refrain from handling illicit online gambling transactions, that is, casino websites.

Last summer, the state issued a similar notice again to an unidentified payment agency, which was generally assumed by local media to be PayPal as the company revealed shortly after that notice it was shutting down its services to German online casino players.

Lower Saxony ‘s Minister of Interior and Recreation, Boris Pistorius, said last month that payment service providers are “legally obliged to refrain from making payments in connexion with illegal gambling” and urged them to “critically review and, if necessary immediately stop working with companies that practise illegal gambling.”

Minister Pistorius sent the country’s banking sector a letter earlier in 2020 urging financial institutions to stop the processing of illicit gambling money.

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Compliance Updates

FANDOM SPORTS Retains Segev LLP as Lead Counsel for Global iGaming Licensing

Niji Narayan

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FANDOM SPORTS Retains Segev LLP as Lead Counsel for Global iGaming Licensing
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FANDOM SPORTS Media has retained Segev LLP as lead counsel for all endeavours pertaining to global iGaming licensing. The Company will be undertaking a strategic review to prioritise jurisdictions that will enable the firm to expand its regulatory footprint efficiently and at scale.

Segev LLP employs a strong iGaming team with corporate, commercial, IP commercialisation, M&A, private equity finance, public markets finance, privacy and data, and regulatory and compliance experience.

In advance of the iGaming initiative, the Company has also secured a domain and brand identity surrounding the betting platform. www.gamersatodds.com unifies the business plan and opportunity that the Company will be executing upon.

“We are pleased to take definitive steps towards accelerating our dual initiatives of the all ages Esports engagement platform and the pure play regulated Esports betting platform. Regulated Esports betting is now a mainstream business opportunity and there is an implied quantifiable value for these types of businesses. We look forward to accelerating our licensing initiatives and building a true global Esports betting brand that is fully regulatory and compliant,” David Vinokurov, CEO and President of Fandom Sports, said.

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Compliance Updates

MGA Publishes Consultation Paper on Suspicious Betting Reporting Requirements

Niji Narayan

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MGA Publishes Consultation Paper on Suspicious Betting Reporting Requirements
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The Malta Gaming Authority (MGA) has published a consultation paper on suspicious betting reporting requirements and other sports integrity measures.

In August 2019, the Malta Gaming Authority announced the establishment of a Sports Integrity Unit. It is the Authority’s intention to implement a set of Suspicious Betting Reporting Requirements, which will oblige B2C licensees offering betting on sporting events to inform the Authority of any instance of suspicious betting.

Prior to bringing into force these requirements, the Authority is reaching out to stakeholders for feedback on the proposed mechanisms for due consideration. In consolidating perspectives of interested parties through public consultation, the Authority is better placed to implement effective and efficient regulatory processes around suspicious betting in the sports betting sector.

In addition, the Authority is also interested in initiating a dialogue with B2B licensees to consider what their contribution towards sports integrity can look like in terms of detection and exchange of information with either B2C licensees, or the Authority itself.

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