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Cyprus Casinos Issues Response to Money Laundering Warning

Niji Narayan

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Melco Suspends Operations of its Cyprus Casinos
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Cyprus Casinos, has issued a response to money laundering warnings from Moneyval, the European Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism.

The warning had alleged that Cyprus could become a money-laundering destination after a visit from its representatives to a Melco owned venue in Cyprus.

The venue, namely Cyprus Casinos, also known as C2, is a gaming and entertainment brand and subsidiary of a larger consortium.

Cyprus Casinos responded that it welcomed “a strong and compliant regulatory framework” and was operating with regulation authorities in the Eastern Mediterranean country “to implement all AML regulations” and was “dedicated to industry-leading and best practice AML/CTF procedures in all our operations”.

The brand owns and operates a number of casinos, all with the same name, and a report emerged from Moneyval following a visit to C2’s Limassol establishment.

The committee, which is an ‘independent monitoring mechanism within the Council of Europe, answerable directly to the Committee of Ministers’, said that the systems for preventing money laundering showed ‘weaknesses’ and stated that the establishment was:

“Currently operating at or beyond the limits of its AML/CTF compliance and risk management system.”

It also stated that the employees within the casino:

“Appear to not fully appreciate the quantitative magnitude of those risks when attached to operations of the casino’s current size – much less its anticipated future size.”

Reportedly, Moneyval suggested that in light of the findings, Casinos Cyprus should be blocked from expanding its gambling activities until it can demonstrate such effectiveness.

 

Industry News

Casino.org Launches “Player Assist” Service

Niji Narayan

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Casino.org Launches “Player Assist” Service
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Casino review site Casino.org has launched its exclusive “Player Assist” service, bringing a new level of support to its players. The casino review site’s new service allows its users to issue complaints about any of its partner sites in just four simple steps.

A site which puts honest, expert advice at the forefront of everything they do, Casino.org wanted to echo this sentiment further than just choosing a casino through their site. The Player Assist service has been launched to aid them in following through with their users if anything should go wrong past the referral stage.

The feature will run completely independent of the partners on the site, so that they can offer their services 100% free of charge.

Casino.org is one of the most popular guides to online casinos and gambling. Its team of experts provides players with a wealth of information to help them guarantee safe play online and win more.

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Spain’s CONFAD Publishes Action Plan for 2020/2021

Niji Narayan

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Spain’s CONFAD Publishes Action Plan for 2020/2021
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Spain’s National Commission to Combat the Manipulation of Sports Competitions and Betting Fraud (CONFAD) has published its action plan for 2020/2021, outlining 21 directives to safeguard the integrity of Spanish sports.

Supporting CONFAD directives, Spain’s Consumer Affairs Ministry states that the action plan will be implemented by the DGOJ and further coordinated with Spain’s National Sports Council, federal police force and Guardia Civil.

CONFAD and government counterparts will work together to improve all Spanish professional sports understanding of integrity threats and competition fraud related to betting. Initiatives include developing a training programme for athletes, coaches and further stakeholders on identifying integrity risks and criminal activities.

The action plan further aims to improve all core disciplines related to integrity monitoring and reporting of suspicious events, improving data transfer and cooperation frameworks between sports clubs, betting operators, government departments and police agencies.

As a final objective, CONFAD and its government counterparts will work to ensure that Spain’s legal framework is “accurately adjusted” to help prosecute sports integrity criminal cases.

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Industry News

BetConstruct Adds Hi-Lo to its Live Casino Portfolio

Niji Narayan

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BetConstruct Adds Hi-Lo to its Live Casino Portfolio
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BetConstruct has enhanced its live casino offering by launching Hi-Lo game. Hi-Lo is an adaptation of The Higher Lower, which was once a viral web game.

 Hi-Lo is a live game which suggests players predict whether the next card dealt by a dealer is of a higher, lower or equal value to the one lying face-up on the table. Apart from a single prediction, Hi-Lo allows for a number of side bets which liven up the game and add up revenue figures.

Hi-Lo is perhaps the most straightforward game within BetConstruct’s portfolio. However, the simplicity of the rules in no way diminishes the game’s appeal to players or decreases the profitability for operators.

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