IGT Brings Award-winning Poker Portfolio to Spain with Casino Barcelona

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By: Dmitry Hotsyn, Senior Consultant and Head of CIS Desk at 4H Agency

Discussing Anti-Money Laundering (AML) rules in a way that keeps everyone awake is a real challenge. The iGaming industry often overlooks anything filled with jargon like KYC, AML, CDD, and SoWs—terms that just breed myths and misconceptions about jurisdictions supposedly having lax AML standards and low compliance burdens. For a while, Curacao was viewed as one of these almost mythical places.

Not anymore.

A significant shake-up has occurred with Curacao’s latest overhaul of its AML regulations, set to take effect on September 1, 2024. This update has triggered quite a bit of debate among gambling operators who view these new rules as unwelcoming, especially since Curacao is known for its sluggish pace in updating its gambling regulations.

But may it really be as bad as Curaçao’s deadline management?

Curacao’s AML Regulatory Changes: An Overview

Curacao is continuously revamping its regulatory frameworks, taking a page from Malta’s book — Maltifying the industry may work best to describe this process. The new AML rules, while perceived as burdensome, are in fact a balanced update alligning the Curacao practices with generally acceptable standards. Key aspects of the new regulations include:

• Clear Customer Due Diligence (CDD) thresholds: Operators must conduct CDD at the earliest practical time, but no later than when a player engages in a transaction amounting to approximately EUR 2200;
• Sanction and Politically Exposed Persons (PEP) Screening: Mandatory for at least EU, US and UN sanctions lists;
• High-Risk Indicators: A detailed list of indicators for high-risk cases has been provided, noting that the use of cryptocurrencies increases risk, though it is not outright prohibited;
• AML Officer Role: Each operator shall have a dedicated AML officer, equipped with sufficient resources and headcount to manage risks effectively;
• Policies and Guides: Ah year, more internal docs, rules and practice guides are expected from the operators holding licences in Curacao.

Despite the extensive nature of Curacao’s new rules, in essence, they closely resemble those enforced in Malta and other EU countries, as well as competing jurisdictions offering flexible licenses. The upcoming webinar hosted by 4H Agency and Hipther Agency will delve into these comparisons, focusing on jurisdictions like Anjouan, Kanawake, and Tobique, alongside Curacao.

Key Insights on AML Across Jurisdictions

• Detailed AML Frameworks: Curacao and Tobique lead with the most comprehensive AML regulations. Kanawake’s requirements are also robust albeit not as detailes as Curacao rules;
• CDD Thresholds: Similar financial thresholds exist across these jurisdictions (approximately EUR 2000), with varied stipulations on the timing of CDD post-player registration (again, Curacao is not the leader here);
• Outsourcing AML Functions: All jurisdictions permit outsourcing some AML activities to third-party providers, providing flexibility in compliance strategies;
• Stringency of Regulations: Tobique’s regulations are notably stringent, casually requiring additional checks like adverse media searches to identify higher risk profiles;
• Anjouan the Outlier: Anjouan stands out for its outdated AML framework, lacking specific provisions for the gambling sector. For now, this could attract operators seeking more AML-friendly environments. However, Anjouan will inevitably follow the Curacao’s reformatory steps if the country intends to make iGaming an important factor of the now-struggling economy.

The evolution of AML regulations in Curacao represents a predictable shift towards more robust regulatory environment, aligning more closely with global standards. While initially perceived as onerous, these changes are in line not only with international practices, but with the rules already in force in a competing jurisdaction.

Our upcoming webinar will further explore these developments, providing attendees with comprehensive insights into flexible licensing options in 2024.

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EGT Digital has entered into a strategic partnership with IRIS Solutions, an innovative company that provides business solutions for open banking. Thanks to the services provided by IRIS Solutions, EGT Digital will be able to offer to part of its clients one more way for more personalised and secure payments, as well as will minimise the time for depositing funds.

IRIS Solutions is the trusting supplier of open banking solutions in Southeast Europe. The company is licensed by the Bulgarian National Bank as a European Payment Service Provider (PSP), in accordance with the Second EU Payment Services Directive (PSD2), and has more than 60 integrated banks and payment institutions in its portfolio. IRIS Solutions offers a variety of products – from Account aggregation, Data analysis and processing, to Payment initiation, API Monitoring and Account Information services.

Open banking is a process in which banks provide secure and reliable access to financial information from their databases to third-party financial service providers (Third Party Providers or TPP). This is done only with the user’s consent through standardised and secure APIs. This new opportunity allows licensed fintech companies to offer products related to Payment initiation and Account information services. For the end user, this means new financial solutions and products that reduce costs and save time for carrying out financial transactions.

EGT Digital utilises the “Payment initiation” service. This new capability in the Payment Gateway is now offered as an option with one of the operators in the Bulgarian market. The “Payment initiation” service allows a payment to be made from a bank account by redirecting the user to the website or application of a chosen bank, enabling making a deposit seamlessly within a few clicks. The functionality can easily be integrated with various systems, allowing end users to perform “Account-to-Account” (A2A) payments. Each payment initiated in this way requires identity verification and guarantees the highest level of security for both the client and the institution. To use the service, the end user does not need to install a mobile or desktop application.

The integration of this modern solution is another step that demonstrates the company’s commitment to offering the best service. It enables:

• Improved players protection – by providing real-time access, operators can implement responsible measures such as limits and self-exclusion tools based on the financial profiles of the players.
• Compliance with regulatory requirements, such as Anti-Money Laundering (AML) provisions and “Know Your Customer” (KYC) standards, by providing access to verified financial data and ensuring transparency of financial transactions.
• Access to financial data for personalising offers, adapting marketing strategies, and efforts to engage and retain players.
• Rapid receipt of funds. When depositing funds through CCB (Central Cooperative Bank) and Revolut, users receive the deposited amount via instant payment within 10 seconds.

Georgi Mihaylov, DCEO of EGT Digital, said: “As a technology company, it is important for us to be focused оn delivering the highest possible quality to our current and future partners. The iGaming industry is extremely competitive and constantly evolving. This challenges us to meet the ever-changing needs of the business. Enriching our portfolio with innovative solutions, we strive to be on top of the tendencies, thus providing our clients with a wide selection of secure and fast transactions. So far, we are very pleased with the IRIS Solutions product and are excited to work together.”

Open banking is creating a new field for innovation in the financial sector worldwide and in Europe. Countries such as Australia, Canada, UK, Brazil, Japan, Singapore, the territory of Hong Kong, and others are providing various initiatives and regulatory frameworks to meet today’s business needs. In 2023, the value of open banking transactions globally reached $57 billion and is expected to grow to $580 billion by 2027.

Against this backdrop, Europe has developed and adopted a regulatory framework (PSD2) which is in the process of being upgraded (PSD3). Its aim is to impose security standards and increase competition in the banking market, supporting innovation and development in the sector. In Bulgaria, open banking is offered by the BNB-licensed IRIS Solutions and several other companies, which rank our country alongside countries such as Croatia, Austria, Greece and Luxembourg in terms of the number of regulated providers.

Selda Ali, Technical Leader and Development for IRIS Solutions, said: “The partnership with EGT Digital shows that Bulgaria can be among the leaders in applying financial technologies for the gaming industry. This is also further proof of the endless applications of open banking and the fact that a directive from Europe can become one of the most successful Union policies for increasing competition in the financial sector. We are pleased to be part of this journey, and I am confident that with EGT Digital, we will reach new horizons, placing the customer at the center with their desires and needs.”

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When the grand kick-off show “gamescom Opening Night Live” begins on the evening of 20 August 2024, thousands of visitors on-site in the gamescom event arena in Cologne, Germany and millions of video game players online worldwide will once again witness the highlights of this year’s gamescom first-hand. Just how strongly games connect people across all continents will be made clear not only in the opening show, but everywhere at the world’s largest games event – which is why gamescom 2024 is taking place under the banner “The biggest community in the world”. Along with the trends being spotlighted at this year’s gamescom, this theme was presented at a press conference jointly organised by game – The German Games Industry Association and Koelnmesse.

Games are the most social medium of our time. Whether enthusiasts are playing them together or engaging in active exchange about them, computer and video games connect over 3 billion people worldwide – a number that is steadily growing. Together, players build entire worlds, put their skills to the test and overcome great dangers. Lifelong friendships take root and grow, across all borders. This makes games the best antidote to loneliness and isolation. Nowhere else do people work together as intensively, exchange ideas with such excitement or celebrate with such enthusiasm. The games community is especially open, creative and passionate, and this is nowhere more evident than at gamescom – the biggest event for “The biggest community in the world”. From esports tournaments in the event arena, to the cosplay village and old games in the retro area, to such new highlights as the cards & boards area and the artist area – everywhere at gamescom, people from all over the world celebrate game culture together. All of which demonstrates what a strong and unique community games create around the globe.

“Anyone who has ever been to gamescom themselves knows the unique feeling. You immediately recognise the joy, curiosity and passion in people’s faces. Long-standing friendships are celebrated and new friends are made – because games connect people in an incomparable way, creating the biggest community in the world. This social component of games is still overlooked far too often, yet it’s so valuable. In times when isolation has become a serious societal challenge and there’s more and more focus on what divides rather than unites us – in these times, games connect billions of people around the world every day in a special way. At gamescom this year, we therefore decided on a theme that highlights this unique community – the players of video games,” said Felix Falk, Managing Director of game – The German Games Industry Association, a co-organizer of gamescom.