Curaçao is taking significant steps to enhance its regulatory framework for the gambling industry and hold operators accountable to international standards. Starting from September 1, 2023, the government will issue direct licenses to gambling operators, expediting the regulatory reform process. This decision was recently announced by Javier Silvania. Minister of Finance, Curaçao.
The objective to overhaul the regulatory regime and eliminate the current master and sub-licensing system was initially announced last summer.
Silvania acknowledged the need for stronger practices within gambling operations, particularly regarding anti-money laundering measures, fraud prevention, and player protection.
To address these concerns, the Finance Minister has instructed the Gaming Control Board (GCB), the current regulator, to implement and enforce new standards. The GCB will begin issuing new licenses to operators under the existing legislation, with a plan to transition them to the new regulatory framework once it is enacted.
To facilitate a smooth transition for existing operators who are willing to adopt the new regime, the government will ensure uninterrupted business operations. The GCB is developing a dedicated portal for operators to register, streamlining the process of obtaining a direct license.
Curaçao intends to identify the owners of businesses operating within its borders through thorough due diligence. Transparency regarding the source of funds entering the country is required, and operators must adhere to legislation aligned with reputable jurisdictions and meet minimum international standards for anti-money laundering.
Furthermore, Curaçao will demand robust player protection and data security. Silvania highlighted the importance of regulatory cooperation with other authorities worldwide to ensure fairness for operators and suppliers while safeguarding player interests and preserving the integrity of the gaming industry as a whole.
At AACASINO LTD, we understand the importance of complying with the new regulatory framework in Curaçao's gambling industry. Working with our experienced partners we are well-equipped to assist operators in preparing for the upcoming changes and navigating the transition to the new system. Whether you want to migrate your existing operations or file for a new application, we invite you to contact us. Our team will promptly review your submission and get back to you with tailored guidance and support to ensure a seamless and successful transition under the new regulations.
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