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Compliance Updates

Casino Cosmopol Receives New Five-year Licence

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Casino Cosmopol Receives New Five-year Licence
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Swedish regulator Spelinspektionen has awarded a new five-year licence to Svenska Spel’s land-based casino subsidiary Casino Cosmopol.

The licence renewal, effective from this year, comes despite the fact that Casino Cosmopol has been un-operational for more than a year owing to the closure of its casinos due to the Covid-19 pandemic.

Svenska-Spel, Sweden’s state-owned former gaming monopoly, which still has a monopoly over land-based casinos, closed all four of its Casino Cosmopol venues in March 2020.

At the time, the brand had casinos in Stockholm, Gothenburg, Malmö and Sundsvall. Svenska Spel has since decided to close the Sundsvall casino permanently. The venue had been billed as Sweden’s first international casino when it opened in 2001.

As a result of the closure of venues, Spelinspektionen did not inspect the Casino Cosmopol as part of the licence renewal process.

The Swedish press has also reported that the gaming regulator did not examine whether Casino Cosmopol had correctly amended its money-laundering controls following a fine issued in 2018.

Compliance Updates

UK Gambling Commission Wins IAGR Regulatory Excellence Award

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The UK Gambling Commission (UKGC) has won the Regulatory Excellence award in IAGR’s inaugural International Regulatory Awards.

The Gambling Commission got the award for their wide-scale collaboration with the industry on three areas of concern, leading to a fast track of consumer protection changes. Those areas were:

  • incentives for High-Value Customers, or VIP schemes
  • game and Product Design
  • and the use of Ad-tech to target advertising away from children, young people and vulnerable adults.

The judging panel was impressed with the results achieved and the high levels of engagement with the industry which resulted in a variety of regulatory actions – including stamping out irresponsible VIP practices, making games safer by design and a number of actions around ad-tech.

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Compliance Updates

Northern Ireland Gambling Amendment Bill Reaches Assembly

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New regulations for the gaming industry in Northern Ireland have been introduced this week in the country’s Assembly, significantly amending the current laws.

The Betting, Gaming, Lotteries and Amusements (Amendment) Bill creates new offences in permitting children to play gaming machines and provides powers to impose a statutory levy on gambling operators.

It establishes a mandatory code of practice for licence holders, broadens the definition of cheating to include attempted cheating, makes gambling contracts enforceable in law and permits bookmakers and bingo clubs to open on Sundays and on Good Friday.

The minimum age for minors to play a gambling machine is now 18 and it will become an offence to invite a person below that age to play. Previously, it was not an offence to permit an under-age person to gamble.

The statutory levy on gambling operators will be employed in a manner similar to the practice in England, where the money raised is used for community projects and treatment of problem gamblers.

An overhaul of online gambling legislation will form a second phase of the changes to Northern Ireland’s gambling scene and will follow after discussions.

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Compliance Updates

OKTO receives PCI DSS certification

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OKTO receives PCI DSS certification
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Confirming once again OKTO’s commitment to deliver high-quality, reliable, secure, and compliant service offerings to its customers, OKTO obtained the Payment Card Industry Data Security Standard certification

OKTO has received the Payment Card Industry Data Security Standard (PCI DSS) certification proving once more its continuous investment in leading and reliable technologies, adhering to high industry technological standards to offer enhanced security on consumer financial data and increased trust in the payment ecosystem. The fintech firm’s OKTO.WALLET solution meets all the requirements set forth as a Level 1 Service Provider, ensuring the security and protection of payment cardholder data.

Compliance validation of the OKTO solution involved the evaluation and confirmation that the security controls and procedures have been properly implemented as per the policies recommended by PCI DSS. According to the requirements formed by the international payment systems, Visa, Mastercard, American Express and other members, all entities that store, process, and ensure the transfer of data to their cardholders must comply with the unified PCI Data Security Standard.

John Zacharakis, CTO at OKTO, comments: “PCI DSS certification is a key step of our high-quality offering to our customers and commitment to the industry’s highest standards in the most regulated markets. OKTO meets the objectives of the PCI DSS and assures that its clients obtain a fully PCI DSS compliant services, adhering to high security technical standards which ensure the security of the network infrastructure, and apply required controls around cardholder data to minimize credit card fraud.”

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