Compliance Updates
Amid Public Outcry, Montenegro’s Anti – Digital Gambling Law Set for August Revisions
![](https://europeangaming.eu/portal/wp-content/uploads/2024/07/montenegroantifraudlaw.jpg)
In January 2024, Montenegro enacted amendments to its gambling laws that effectively ban the use of modern electronic payment methods, including Apple Pay, PayPal, mobile banking, IPS, and e-banking. This move has raised eyebrows across the global financial community, including the European betting and iGaming sectors.
Public Outcry and Anticipated Changes Expected in August
The controversial ban led to significant public outcry and industry backlash. In response, a new version of the law is allegedly expected in August, yet remains to be seen whether it will address some of these concerns.
The Montenegro EU Paradox
Ironically, a few months ago, the case gained media focus and went viral after the Minister of Finance stated that the country has no obligation to comply with EU rules. This paradoxical stance is surprising for a nation actively seeking EU membership and aiming to integrate into the digital business world.
Historical Context
In 2021, the European Commission urged Montenegro to strengthen its efforts to counter money laundering. However, the January 2024 amendments seem to move in the opposite direction, potentially isolating the country from EU practices and global financial community trends.
Industry Response
Since the beginning of 2024, Montenegro’s gambling sector has been in turmoil. The amendments, which force bettors to use cash or specific terminals for transactions, have caused significant inconvenience. This has led to business disruptions and investor uncertainty.
The industry has responded strongly against these changes. A petition to halt the amendments received 25,000 signatures in just five days. Montenegro Bet, the country’s trade association, has submitted the petition to the assembly and initiated a constitutional review. They are also engaging with international institutions to highlight the negative impacts of the law changes.
Massive Lawsuits Ahead
Multiple operators are preparing legal action, including a lawsuit before the International Court for Settlement of Investment Disputes, due to the apparent corruptive practices and unequal market access facilitated by the new law.
Looking Ahead
As August approaches, the industry and public are hopeful for revisions to the law that will align Montenegro with EU standards and global financial trends. The prohibition of safe and advanced online payment methods, in favor of promoting cash transactions, remains a troubling development that demands urgent attention and action.
Compliance Updates
Octoplay Secures Greek iGaming License
![](https://europeangaming.eu/portal/wp-content/uploads/2024/08/7-8.jpg)
Online casino game development company Octoplay has secured another key license to launch its content in Greece’s regulated iGaming market, further expanding its presence in Europe.
This latest achievement builds on Octoplay’s recent string of regulatory approvals, including licenses in the United Kingdom, Ontario, Sweden, and Romania. The company’s rapid expansion into regulated markets demonstrates its ability to meet diverse regulatory requirements while delivering high-quality gaming content to an expanding player base.
With the Greek license now secured, Octoplay can introduce its innovative game portfolio to Greek operators and players, adding to its existing offerings in other European markets. This move aligns with the company’s strategic focus on expanding its footprint in regulated jurisdictions and collaborating with tier 1 operators to deliver premium gaming experiences.
Carl Ejlertsson, CEO of Octoplay, commented on the company’s latest regulatory milestone: “Securing the Greek license is a significant step in our growth strategy, to provide our games to operators in all regulated markets.”
The company’s portfolio of engaging slot games has garnered significant interest across the industry, driving Octoplay’s efforts to secure licenses and partnerships in key jurisdictions. This expansion not only broadens Octoplay’s reach but also enables more operators to access the high-quality content their player’s demand.
Compliance Updates
Proxyrack automates its KYC compliance by integrating iDenfy’s software
![](https://europeangaming.eu/portal/wp-content/uploads/2024/08/Proxyrack-automates-its-KYC-compliance-by-integrating-iDenfys-software_20240821_200615_0000.png)
iDenfy, a Lithuanian-based RegTech and identity verification company, announced a new partnership with Proxyrack, a leading provider of proxy solutions based in Hong Kong designed to enhance online proxy data-collection capabilities. Through this collaboration, both businesses will improve Know Your Customer (KYC) processes, ensuring more accurate and efficient user registration and higher approval rates for Proxyrack’s network.
Proxyrack operates in the tech industry, providing a vast network of residential and data center proxies to businesses and individuals. These services are essential for web scraping, market research, ad verification, and bypassing geo-restrictions. What sets Proxyrack apart is its commitment to fostering innovation and creativity, as well as striving for accuracy by providing diverse IP addresses and scalable performance to meet diverse user needs as the company’s values align with the clients’ requirements and eagerness to bring any ideas to life.
Proxyrack’s internal research showed that hiring an in-house Know Your Customer (KYC) specialist team would require more financial resources and highly skilled compliance professionals. For this reason, the proxy service provider decided to partner with a highly efficient and established third-party KYC vendor. After a thorough evaluation of several identity verification providers, Proxyrack selected iDenfy for its exceptional flexibility and competitive pricing.
According to the Proxyrack team, iDenfy’s solution stood out as it offered customizable screening options that ensured users were not miscategorized, which was the main issue that Proxyrack encountered while working with the previous KYC providers. Currently, Proxyrack uses iDenfy’s biometric identity verification solution which according to the company has resolved significant issues and increased work efficiency. As the main thing of users’ miscategorization iDenfy’s solution worked seamlessly from the start, providing peace of mind that user data is secure and verifications are highly accurate.
According to Proxyrack, iDenfy was chosen because of the flexibility the system offers, which their previous providers could not offer. iDenfy’s options for screening candidates and ensuring accurate user categorization were exactly what they needed. Additionally, the competitive pricing was a pleasant surprise, and it ended up being more cost-effective than expected.
Another standout feature of iDenfy is their pricing model, which charges only for successful verifications, unlike other competitors that charge for all attempts. This approach significantly reduces costs and ensures that clients only pay for results. iDenfy’s competitive pricing policy makes their services more cost-effective without sacrificing users’ reliability or other compliance check benefits compared to other providers in the industry.
In addition, iDenfy’s identity verification solution is able to automatically recognize, verify and extract information from 3000+ identity documents across 200 countries and territories including various passports, ID cards, licenses and permits to accurately identify documents on a global scale and to check the authenticity of users.
As for future plans, Proxyrack’s top priority as a company is to ensure that their customers are of the highest caliber, providing data-collecting solutions at scale for users who trust them with their public web scraping needs. The partnership with iDenfy aligns perfectly with this goal, enhancing Proxyrack’s ability to deliver secure and reliable services. In the future, based on the positive experience, Proxyrack is also thinking of expanding and using additional iDenfy’s fraud prevention solutions.
“A growing proxy user network means that a fully automated approach to KYC compliance is required. We’re glad to be able to help Proxyrack with their goal to scale faster and onboard more new users in less time, which is a vital factor in today’s highly competitive market,” commented Domantas Ciulde, the CEO of iDenfy.
Compliance Updates
Referral Fi2024/01087, Closing state casinos and a more effective money laundering supervision
![](https://europeangaming.eu/portal/wp-content/uploads/2024/08/14-2.jpg)
BOS comments on the government’s closure of Casino Cosmopol, Sweden’s last remaining land-based casino:
“OK to close the state casino but at the same time open up for private initiatives”
The Swedish Trade Association for Online Gambling (BOS) today submits its opinion on the government’s initiative to close the last physical casino in Sweden, state-owned Casino Cosmopol in Stockholm.
BOS supports the proposal, agreeing with the government’s argument that governments should not operate casinos. At the same time, BOS believes that the government should allow private land-based casinos in Sweden. This is currently prohibited and is proposed by the government to be prohibited in the future as well. As a consequence, Sweden will therefore not have a single legal land-based casino in the near future.
“Land-based casinos play a very small role in terms of their turnover, but they still have a function in the overall ecosystem of the gambling market. In addition, they fulfill a function for Sweden as a tourist country and to deter illegal gambling clubs. We propose that the government, at the same time as they close their own government casino, open up for private companies to offer land-based casinos in Sweden”, says Gustaf Hoffstedt, Secretary General, BOS.
The government’s memorandum can be read in Swedish here: https://www.regeringen.se/rattsliga-dokument/departementsserien-och-promemorior/2024/05/avvecklande-av-statliga-kasinon-och-en-effektivare-penningvatttillsyn/
The BOS opinion statement can be read here:
- It shall no longer be permitted to operate casinos in Sweden
The Ministry of Finance’s proposal: a) The gambling form gambling at a casino should no longer be included in the state gambling license type, b) Nor should any other license type be able to grant the right to provide gambling activities at a casino.
BOS approves proposal (a) and disapproves proposal (b).
- The restriction on state lotteries should be removed
The Ministry of Finance’s proposal: There should be no special restrictions on the types of lotteries that may be provided with a state gambling license.
BOS disapproves the proposal.
-
Latest News6 days ago
Evoke Strengthens Romania Presence with €10M Acquisition of Winner.ro
-
eSports5 days ago
DATA.BET Joins the Lineup for SBC Summit 2024
-
Latest News6 days ago
PopOk Gaming Unveils New Pirate-Themed Slot Game: Pirate Fortune
-
Africa6 days ago
African Esports Championship 2024 – Closing Ceremony
-
Latest News6 days ago
SOFTSWISS Throws Hollywood Party to Celebrate 15th Anniversary
-
Latest News6 days ago
BGAMING ADDS HORROR GENRE TO GAMES LINE-UP WITH KRAKEN’S HUNGER
-
Latest News6 days ago
Expanse Studios Shortlisted for Best Slot Provider and Rising Star in iGaming at SiGMA East Europe
-
Latest News6 days ago
South African Player Hits R4 Million Jackpot on ‘Mega Fire Blaze 3 Wizards’