Antigua enhances eGaming compliance protocols

The small sovereign nation became the first jurisdiction to license online gaming operators in 1994 and has continued to improve its legal and regulatory models while implementing stringent licensing and compliance best practices.

Overseen by the Directorate Of Offshore Gaming, a branch of the Financial Services Regulatory Commission (FSRC), the new program for licensees leverages information systems and industry-specific computer assisted auditing techniques (CAAT) to actively monitor the complex businesses and ensure that all compliance requirements are tracked and satisfied.

Compliance requirements include the criteria mandated by the UK Department of Culture, Media And Sport when the Caribbean jurisdiction received its 'white-list' status in November. This designation recognized the Directorate Of Offshore Gaming's robust licensing and oversight controls and provided Antiguan eGaming licensees with preferential status to enable them to freely advertise their gaming services in the UK.

"We view the 'white-listing' criteria as a minimum threshold only," said Kaye McDonald, Director Of Gaming for Antigua And Barbuda.

"Our objective is not to simply satisfy minimum requirements but rather we work in collaboration with our licensees to set the bar much higher through continuous implementation of evolving best practices. Indeed, the new monitoring programme was not developed in isolation; it is a product of active collaboration with our licensees."

All eGaming licensees are subject to the same rigorous compliance requirements as financial institutions including strict controls on money laundering and 'know your client' protocols. Compliance is validated by ongoing external audits while all licensees are required to contribute to the Responsible Gambling And Gambling Addiction Research And Education Fund (GAREF) as a condition of licensing.

"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," said McDonald.

"In Antigua, we have historically led the way with respect to ensuring player fairness and preventing financial crime and fraud. We are proud of our regulatory pedigree but as the challenges and opportunities in the industry evolve so must the sophistication of the regulatory framework."