The online gaming industry is on the cusp of significant changes with new regulatory frameworks being implemented globally. These shifts will impact how online casinos operate, what games they can offer, and how players can engage with them. In this article, we’ll explore what’s in 12 Fortune Dragons store for the sector and what online casino operators need to expect.
Global Regulatory Developments
Regulatory bodies worldwide are working on modernizing existing laws or introducing new ones to adapt to the evolving landscape of online gaming. One major development is the implementation of stricter anti-money laundering (AML) measures. Regulators have become increasingly vigilant in preventing financial crimes and ensuring that operators adhere to strict guidelines.
The European Union’s Fifth Anti-Money Laundering Directive, which came into effect in June 2020, mandates that all member states implement robust AML procedures. This includes enhanced customer due diligence, reporting suspicious transactions, and maintaining a record of business relationships.
Similarly, the UK Gambling Commission has issued new guidance on AML for operators. The regulator emphasizes the need for operators to assess risks associated with individual customers, keep accurate records, and have systems in place for monitoring transactions.
The shift towards stricter regulations doesn’t stop at AML. New laws aim to address issues like responsible gaming, player protection, and data privacy.
Responsible Gaming and Player Protection
Regulatory bodies are placing greater emphasis on responsible gaming practices among operators. This includes implementing measures that prevent underage gambling, encourage players to gamble responsibly, and protect vulnerable individuals from exploitation.
The UK’s Gamstop self-exclusion scheme is an example of a robust player protection system. Operators must participate in this scheme, which allows players to opt out of participating in online gaming for set periods. If a customer joins the scheme, operators are required to block their access to any account or website associated with them.
Other measures being implemented include age verification tools and strict rules around advertising. Regulators are cracking down on operators that fail to comply with these regulations, with fines and penalties increasing as a deterrent.