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Compliance Updates

The Crucial Role of the Isle of Man B2C License

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The Crucial Role of the Isle of Man B2C License
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In a world undergoing continual shifts in regulatory landscapes, Mark O’Neill, the Director of Global Gaming Solutions, shares his perspective on the Isle of Man — not just his home but also a global hub for online gambling operators and software providers alike.

The Isle of Man has carved a niche for itself as a distinguished and credible jurisdiction within the eGaming industry. This distinction can be attributed to several factors that contribute to its successful reputation. In this article, we will explore why the Isle of Man enjoys such a prominent status and also provide insights into the current regulatory landscape that shapes its position.

 

Integrity

Obtaining an Isle of Man B2C License serves as an unambiguous indication of a company’s commitment to following regulated operations. At a time when regulatory changes are happening worldwide, this becomes a major enhancement to the company’s reputation, symbolising compliance with internationally recognised industry standards and legal requirements. This license comforts stakeholders by demonstrating that the operator abides by a comprehensive set of guidelines aimed at ensuring fairness, protecting those at risk, and combating unlawful activities. The Isle of Man’s B2C license eradicates worries over securing vital partners such as banks, payment service providers, or software providers, with its unparalleled infrastructure providing everything needed for seamless operations.

 

Trust

In a world that is becoming more digital and where trust is a prized attribute, the licensing of a company plays a vital role in how consumers assess its credibility. Holding an Isle of Man B2C License enhances consumer confidence, acting as an assurance that the operator conducts a transparent, reliable, and well-regulated business. It underlines the operator’s sincerity in fulfilling their obligations, and nurturing customer trust and loyalty. Additionally, the licensee is obligated to safeguard the deposits of players registered in the Isle of Man and ensure they receive their true and fair winnings. A specific method must be in place that guarantees Isle of Man-registered players access to their deposits and accumulated winnings.

 

Standards

The B2C Operator License from the Isle of Man mandates strict adherence to the jurisdiction’s rigorous legal regulations. These rules, crafted to encourage ethical conduct within the business, create a level playing field within the gaming industry. Operators holding a license are bound to uphold principles of fairness, transparency, and security, thereby protecting the interests of all stakeholders involved. Additionally, license holders are required to submit quarterly reports to the Isle of Man Gambling Supervision Commission. These reports include crucial information such as Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) reporting, as well as financial data, ensuring that all practices remain above board.

 

Commitment to Excellence

Ultimately, obtaining an Isle of Man B2C Operator License underscores a company’s dedication to superior service, secure operations, and adherence to equitable business practices. It bestows a competitive edge in the global arena, fostering trust among clients, stakeholders, and fellow industry professionals.

 

Quick-fire Benefits

– Tier 1 Gold Standard License – The Isle of Man license carries significant credibility.

– Access to lucrative pre-regulated markets, including Asia, Africa, and LATAM.

– Attractive financial incentives, including 0% corporation tax, 0% capital gains tax, and no dividends taxes.

– Local bricks and mortar banking is supported.

– No barriers when choosing Payment Service Providers or Software Providers.

– Simplified licensing with an all-encompassing umbrella.

– An approximately 12-week turnaround from submission to hearing.

 

Conclusion

In conclusion, an Isle of Man B2C License serves as a strategic asset that enhances a company’s integrity, fortifies customer confidence, ensures adherence to legal standards, and promotes business growth. Therefore, for any operator aiming to thrive in the eGaming sector, securing this license is not just beneficial, but an essential necessity.

In a global landscape marked by considerable regulatory shifts in major jurisdictions, the Isle of Man has consistently stood as a beacon of stability and has become home to some of the world’s largest eGaming operators. Its unwavering commitment to clear and robust regulation, coupled with a favourable business environment, has made it an attractive and reliable destination for leading companies in the industry.

For additional information, please visit Global Gaming Solutions website at www.globalgaming.solutions. Alternatively, you can contact via email [email protected].

Compliance Updates

GoldenRace is now certified in the Netherlands

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GoldenRace is now certified in the Netherlands
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GoldenRace, global provider of award-winning Virtual Sports and betting solutions, has recently obtained a certification for its highly acclaimed Virtual Sports and Games in the Dutch market.

GoldenRace successfully navigated the stringent regulatory landscape of the Netherlands, and now will be providing its impressive betting products into the Online Dutch market, which will be an important advancement in our operational expansion.

The Netherlands betting scene is on the cusp of a substantial growth phase and with GoldenRace’s latest certification, we introduce to the Dutch market a range of highly popular games tailored to desktop and mobile, in both scheduled and on-demand modes.

Among the offer, players will enjoy our most-played Virtual Football line-up – including Football Single, Leagues, World Cup and Euro Champions-, adrenaline-pumping 3×3 Basketball and MMA and top-notch races as Horse Racing, Greyhound Racing and Grand Prix Indianapolis 60. Last but not least, our Number Games, such as Spin2Win. All ready to captivate Dutch players.

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PAGCor Welcomes Lawyer Wilma Eisma as New President and Chief Operating Officer

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The Philippine Amusement and Gaming Corporation (PAGCor) today welcomed its new President and Chief Operating Officer, lawyer Wilma Eisma, who took her oath of office before Executive Secretary Lucas Bersamin in Malacanang this morning.

“We are happy to welcome Atty. Wilma Eisma as PAGCor’s new President and Chief Operating Officer,” PAGCor Chairman Alejandro Tengco said. “We know she will be a great asset and her vast experience in both the government and private sectors will surely be put to good use here.”

Tengco said he witnessed Eisma’s oath-taking in Malacanang this morning. She then immediately joined her first PAGCor board meeting in the afternoon as the agency’s first ever woman President and Chief Operating Officer.

A lawyer by profession, Eisma earned her law degree from the Ateneo de Manila University and was a member of the Board of Directors of the Development Bank of the Philippines before joining the state gaming firm.

Prior to that, she also served as the first woman Administrator and Chairman of the Subic Bay Metropolitan Authority (SBMA).

Her private sector stints include leadership roles in PMFTC Incorporated, the Philippine affiliate of Philip Morris International.

She also held key positions at the Department of Trade and Industry where she worked at the Office of the Secretary and in the Office of the Majority Leader in the House of Representatives, among others.

Eisma succeeded Atty Juanito Sanosa Jr who resigned as PAGCor President and Chief Operating Officer last January.

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Compliance Updates

MGA: Update to the Incident Reporting Requirements

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MGA: Update to the Incident Reporting Requirements
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The Malta Gaming Authority would like to inform its licensees of updates made to the Incident Report mechanism available through the Licensee Portal The information hereunder outlines relevant guidance and procedures for the submission of an Incident Report through the updated reporting instrument entitled the ‘Technical – Information Security Incident’.

As mandated by Articles 37(2)(c) and (d) of the Gaming Authorisations and Compliance Directive (Directive 3 of 2018), “Licensees shall notify the Authority forthwith, and in any case no later than three (3) working days after, the following:

(c) Any breach of the licensee’s information security that adversely affects the confidentiality of information relating to players;

(d) Any breach of the licensee’s information security that precludes players from accessing their accounts for a period exceeding twelve (12) hours.”

In this regard, Licensees are obliged to submit an Incident Report in order to notify the Authority of the circumstances relating to an information security breach that meet the above specified criteria. Additionally, Licensees are advised to remain mindful of any further obligations emanating from the General Data Protection Regulation (EU/2016/679) and any relevant legislation.

The Technical – Information Security Incident option will be accessible through the “New/Change” dropdown menu via the Portal. Upon selection, users will be directed to the applicable sections of the ‘Technical – Information Security Incident’ where all compulsory fields and any relevant documentation must be submitted to the Authority.

Upon submission, the Incident Report shall undergo review by the Authority. Any missing information that may be identified by the Authority, shall be requested accordingly from the Licensee. It is imperative that any pending clarifications are addressed in a timely manner.

If no further clarifications are deemed necessary by the Authority, the Incident Report will be closed off accordingly, and any relevant documentation will be securely filed for record-keeping purposes.

Any Incident Reports left in ‘Draft’ form (i.e. opened but not effectively submitted) for a period of ninety (90) days shall be automatically discarded.

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