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UKGC Issues Guidance on Credit Card Payments Through MSBs

Published

5 years ago

June 11, 2020

UKGC Issues Guidance on Credit Card Payments Through MSBs

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The UK Gambling Commission’s recent ban on credit cards has been extended to the payments for gambling made by credit card through any money service business (MSB).

The new licence condition 6.1.2 prevents gambling operators from accepting payments by credit card either directly or through any MSB which allows credit card deposits.

Operators are now required to take the following course of action before accepting customer payments via any MSB:

Operators must satisfy themselves that customers of that MSB cannot fund their e-accounts or e-wallets with credit card deposits and then use those funds for gambling.

Operators will need to reject all payments made through such MSBs that have not developed a “block” to prevent credit card deposits being used for gambling through their e-account or e-wallet facilities.

Related Topics:ban on credit cards credit cards deposits e-accounts e-wallets money service business UK Gambling Commission

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Niji Narayan

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.