Crucial Update Ahead: Curaçao Sets a Deadline for Regulation Transition

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March 19th, 2024
Back Crucial Update Ahead: Curaçao Sets a Deadline for Regulation Transition

Curaçao's gaming landscape is undergoing a significant transition, marked by the looming 31st March deadline, as the Gaming Control Board (GCB) rolls out essential guidelines for operators.

This deadline marks the cessation of registration for sub-licenses on the GCB's portal, alongside the closure of applications for direct licenses under the current legislation, the National Ordinance on Offshore Games of Hazard (NOOGH).

Regulagory Oversight Shifts to CGA

All eyes are now on operators who must adhere to these guidelines to continue their operations within Curaçao's market. The directives, freshly released in a comprehensive nine-page document by the GCB, outline the meticulous process of license application under the NOOGH. It necessitates the submission of three complete forms:

  1. The online gaming application form
  2. Personal history disclosure form, and
  3. Corporate and business information form.

A crucial aspect highlighted in these guidelines is the responsibility of master licensors to ensure the registration of all their sub-licensees and associated domains. However, operators who are not existing sublicensees or master licensees can still submit applications after the deadline, albeit once the incoming National Ordinance for Games of Chance (LOK) comes into effect, shifting regulatory oversight to the Curaçao Gaming Authority (CGA).

The issuance of clear guidelines aims to counter misinformation, a concern highlighted by Curaçao's Minister of Finance, Javier Silvania, earlier this year. Speaking against inaccurate reports surrounding the LOK process, Silvania emphasized the importance of relying on verified information from the ministry or the Curaçao Gaming Control Board.

The gravity of the 31st March deadline was underscored by Cedric Pietersz, managing director of the GCB, at ICE London last month. Pietersz elucidated the legal complexities operators face, emphasizing the potential risks of operating illegally post-deadline.

As the countdown to the deadline continues, the process for implementing the LOK has been underway since September last year. Hilary Stewart-Jones's appointment as an advisor to the GCB's board in September marked the initial steps towards this transition.

Throughout this period, Curaçao has been vocal about the benefits the LOK will bring, including bolstering compliance measures to counteract previous concerns regarding Anti-Money Laundering (AML) and Know Your Customer (KYC) procedures.

Finance Minister Silvania reiterated the necessity of the LOK before Curaçao's parliament, emphasizing its role in safeguarding against grey-listing and legitimizing operations within the jurisdiction.

Deadline Approaching Fast

With the regulatory landscape set to shift and the deadline fast approaching, operators in Curaçao are navigating a pivotal moment in the island's gaming industry.

Compliance with the outlined guidelines will be paramount for operators seeking to secure their foothold in this evolving landscape, as Curaçao steers towards a new era in gambling regulation.

Source:

Curaçao issues guidelines for crucial 31 March licensing deadline, igamingbusiness.com, March 14th, 2024.

“operators must adhere to these guidelines to continue their operations”

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