Antigua Strengthens Online Gambling Regulation

by Phillip Morton, Investors Offshore.com

16 April 2009

Antigua and Barbuda’s online-gambling industry has undergone several regulatory changes to include provisions to combat money laundering and terrorism financing, the Directorate of Offshore Gaming has announced. The Directorate is a subsection of the islands’ Financial Services Regulatory Commission.

Kaye McDonald, Director of Gaming said:

“Our regulatory model is founded on three distinct pillars: prevention of money laundering; licensee integrity, transparency and accountability; and, above all, safeguarding the interests and well-being of the online players. Our licensees work with us collaboratively to continuously improve compliance measures - they recognize that a strong regulatory system protects their players and enhances the credibility of the industry in general, which is in everyone’s mutual interest.”

McDonald explained that the industry will now be monitored more closely by the introduction of the ‘Know Your Client’ initiative, regular external audits and the introduction of a new monitoring programme which will oversee the sector through industry-specific computer assisted auditing techniques to actively monitor the complex business of licensees and to ensure compliance requirements are fully adhered to.

Antigua has been commended for its enforcement of the latest best standards and has been set aside from many other jurisdictions for being socially-responsible by protecting potentially vulnerable players through the Responsible Gambling and Gambling Addiction Research and Education Fund (GAREF).

“The ongoing improvements to our statutory requirements ensure that our licensees comply with internationally accepted best practices, and further affirms their commitment to socially responsible practices,” concluded McDonald.

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