The New UKGC Regulations as of 2018: Are You Aware of them?
The New UKGC Regulations as from 2018: Are You Aware of them?
The UK gambling Commission (UKGC) is one of the largest gambling regulators in the world. With a mandate to ensure safe, legal and fair gambling practice in the UK, this executive non-departmental public body of the United Kingdom creates and updates regulations every now and then to protect all parties within its jurisdiction. However, despite the organization’s protective duty, choosing a safe casino is still the best way to ensure safe online gambling.
The UKGC recently introduced a new set of gambling rules, which many people are still not yet aware of. If you are a customer or an online gaming operator within the jurisdiction of this organization, here is what you need to know;
1. Online Gaming Operators will be Required to Provide their Customers with Sufficient Details Regarding their Funds and Gambling History
Many UK online casinos will not provide their clients with complete information regarding their money and gambling history for reasons best known to them. Similarly, a good number of casinos will provide the info but in a manner that is not so easy to comprehend. This will no longer be the case in a few months time.
According to one of the new UKGC regulations, online gaming operators will now have to provide their customers with adequate and easy-to understand info regarding their funds and gambling history for a given period of time. Online casinos operating within UKGC’s jurisdiction will also have to grant their clients access to comprehensive data regarding their net deposits as well as allow them to set certain funds limits on both their account as a whole and on individual games too.
Still under the new law, clients will be granted automatic access to 3 months’ worth of account and gambling information. In addition to that, they will be supplied with the same info for at least 12 months back upon request.
2. Online Gaming Operators within the United Kingdom will be Required to Demonstrate their Ability to Mitigate Money Laundering Risks
Money laundering is a very serious crime in the United Kingdom and the UKGC ensures that no online gaming operator in the country will engage in any money laundering practices. In order to further safeguard against the illegal circulation of money in the economy, the gaming regulator has come up with even tighter rules for online gaming companies operating within the UK.
Gaming operators will now be required to conduct a thorough assessment of money laundering risks in their business and demonstrate that they have adequate policies, procedures as well as measures to avoid these risks.
The new regulations introduced by the UKGC are intended to increase transparency in the UK’s online gaming realm and ensure that all clients (local) are provided with adequate tools to keep track of their online gambling activities. They are also aimed to prevent money laundering practices that may take place. The new regulations will take effect as of 2018.
So, what do you think about UKGC’s new online gaming regulations? Reach out to us on Twitter and let us know.